Yes Pradipta, our 'boomtime' is actually rather uneven. In fact, people say that the gap between the rich and the poor is actually widening. Socio-cultural development on the other hand is actually worsening. Population and migration to cities is growing out of proportion to the infrastructure, and everything is getting thrown off balance.. There is nothing in India like the uniform development of the US. India has grown in fits and starts, and a 3-D graph of development will only show a hilly contour than an undulated plane. Till the day comes when Indians get immediate attention along the lines of 911, we cannot say we are a developed nation.
Yet, there is no doubt that the IT and BPO sectors do have a bubble effect on the economy. Indeed if you see, salaries across the country have increased, in any sector - be it Finance, Consumer goods or even PSUs. College education costs have increased. Real estate prices have increased and the stock market does not need mentioning. None of this is due to IT alone, but to a general trend of globalization that is sweeping across India. India is today when the SE Asian economies were about a decade or so ago.. And possibly, like their meltdown, we could be headed for one too, since our economy is now so closely linked to that of the rest of the globe..
