INDIA BOUNCING BACK
Shashi Tharoor
The Globe and Mail, March 17, 2009
With the world's most developed economies reeling under the incubus of what is already being called the Great Recession, India took stock at the beginning of the year and issued a revised estimate for GDP growth in the 2008-09 fiscal year. Its projection came out at a healthy 7.1 per cent.
Despite the doom and gloom assailing world markets, there is no fear of recession in India. Even pessimists are speaking only of lower growth.
This is quite a turnabout for an economy that crept along for years at what was derisively called the "Hindu rate of growth" - about 3 per cent - while other Asian economies shot ahead. For more than four decades after independence in 1947, India suffered from the economics of nationalism, which equated political independence with economic self-sufficiency, relegating the country to bureaucratic protectionism and stagnation.
Since 1991, however, India has liberalized its economy and profited from globalization. Its tech-savvy technology pioneers, software engineers and call-centre operators have made the country an economic success story.
Shashi Tharoor
The Globe and Mail, March 17, 2009
With the world's most developed economies reeling under the incubus of what is already being called the Great Recession, India took stock at the beginning of the year and issued a revised estimate for GDP growth in the 2008-09 fiscal year. Its projection came out at a healthy 7.1 per cent.
Despite the doom and gloom assailing world markets, there is no fear of recession in India. Even pessimists are speaking only of lower growth.
This is quite a turnabout for an economy that crept along for years at what was derisively called the "Hindu rate of growth" - about 3 per cent - while other Asian economies shot ahead. For more than four decades after independence in 1947, India suffered from the economics of nationalism, which equated political independence with economic self-sufficiency, relegating the country to bureaucratic protectionism and stagnation.
Since 1991, however, India has liberalized its economy and profited from globalization. Its tech-savvy technology pioneers, software engineers and call-centre operators have made the country an economic success story.
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