hi ..before reading my blog please take this fact into due consideration that here's a blogger who's naive at blogging. i really do apologize for some of my grammer as errors might have crept in while writing this blog and this is only my first attempt in writing some article over the internet.any positive comments would be highly appreciated.my focus in context of indian economy is the common middle class man of the country who's life depends upon his own hard work but at the same time his country's performance.and i hope this blog turns out to be informative for you as a summary to the indian economy and its effect on common man during the period (1991-2008)
as we are coming to the end of the 1st decade of whats been predicted as a remarkable century for india's economy things are not exactly moving as an indian middle class person would like it to move. since the year 1991 the sequence of events have been such that its been a roller coaster ride for the people in india as far as the economy is concerned. people are sometime made to dream big and sometime they are forced to reconsider their options.
indian economy was in turmoil by the year 1990.majority of the country was suffering from acute poverty.at that stage india's middle class structure was not as wide as it is today
but it was the potential driving force who could drive india into the future. And at that time options were very less for someone to work hard and make his livelihood.but there was a breakthrough which was round the corner.And that major breakthrough was liberalization which really altered the picture of common man in the country.
during the period 1991-1998 Dr. manmohan singh came into the picture as finance minister of india in the narsimha rao government. the economist had the vision for a new india as
he single handedly took india out of the economic slump which the country was in from the year 1947-1990 the phase in which there was no future for a poor country like india.a country which was popularly known in the western world as a place which was still living in dark ages.
but dr. manmohan singh turned it around for the common man in india.
as i look into the past i found that he opened the gates for the filthy rich western world to come and find some kind of a market for their giant hungry corporates.
the critics saw this as a latest invented form of imperialism the word called "liberalization". but a country where people wanted a better standard of life proved the critics wrong.their life was getting better than ever day by day. as major comercialization occurred through out the country. people had lot more oppurtunities than they had in the past.the mnc's came in ,the IT,ITes came into the thick of things. the services sector took the driving seat and specially the IT structure really began to take its own shape as people were really good at it.the entire economic structure got a new look. DR. manmohan singh was spot on in identifying india's economic problem and giving it a direction.our middle class structure was widening and its effect was showing as country started to move.during this period the major changes which took place in common man's life were a better standard of living and their acceptance of a foreign language called english as their own language. our high potential and proficiency in the language helped us bringing in heaps of dollars in form of IT and ITES.slowly this liberalization was changing india.
our gdp started to grow at 6% per annum compared to the average 3% growth during the period 1947-1990
during the period 1998-2003 in which india suffered from international blockades due to conducted nuclear tests in 1998 had to survive at a mere 4-5% annual economic growth. when i say a growth of 5 % a "mere" it really by no means proves that it was a poor growth rate.
but in a country of 1 billion+ it really doesnt promise any future. but india still had that hope of making it to the big league where it really belonged.
and that hope came alive when UPA govt came to power in 2004. and because that new hope was a man whom pakistan's president Mr. asif ali zardari referred as "father of modern india".
and every economic watcher knew him due to his economic policies during the period(1991-1996) which turned out to be gold for the country during his tenure as finance minister of india. that man was again dr.manmohan singh
but this time he was facing newer challenges this time the challenge was not to give direction but to accelerate the speed of indian economic growth such that it does not looses track. though he was helped by a couple of things firstly as the economic blockades were lifted (during the end mr.vajpayyes tenure) and secondly he had found a very able man in form of mr. p chidambram as finance minister of india. both of them took charge and began doing the speeding up process of economic growth and they were successful as india was on its way again and the period 2004-2007 saw india making giant strides and attaining an unprecedented gdp growth rate of 9.4% during the yr '07.
manufacturing joined in and industrial sector also witnessed massive growth due to heavy investments and strong performance of mighty domestic players like reliance and TATA.
considering the micro level the situation of middle class man was never this better in the history of independent india.
with opppurtunities galore he was always dreaming of something better.and on the macro level a new india was taking shape
the world watched in awe as this giant called india started moving at a healthy pace
world realized that this was a different india. a india who would alter the economic map in this 21st century.US president george bush recognized this fact as US recognized this fact for the first time and accepted india as a new major world power. bushes recognition paved way for the much awaited india's arrival at the international stage . india was offered the the nuke deal with out signing the ctbts and the npts. NSG open doors for india to access modern advanced technology. the nuke reactors,the unknown advanced software which runs it,the latest technology was now readily made available to india despite of some strong protest from certain sectors. and seemingly india's future was seeled big time
suddenly everything seemed rosy. india was moving. people were dreaming big.stock market booming. we were living in a different india altogether
but there was a twist in the tail as came the year 2008 and came the worst economic crisis the world had seen since the great depression of late 1920s. something called "subprime mortgage crisis" had a devastating effect on the giant american investment banks. some of them perished and some were sold.the world shook as it saw the inevitable .infact today there is some serious bloodbath in the world stock markets .and how these global crisis could have had left india alone . india in 2008 came directly under its effect. the markets,the growth rate and the industries are plunging down again.the dreams of a developed economy are getting dizzy day by day.people in india are loosing jobs. fuel prices are on a all time high.inflation rate is at all time high.india's huge middle class structure suddenly find itself shaking.jobs are scarce even in the services sector and now there is only one big question on my mind is the bubble of liberalization gonna bust? ...........
as we are coming to the end of the 1st decade of whats been predicted as a remarkable century for india's economy things are not exactly moving as an indian middle class person would like it to move. since the year 1991 the sequence of events have been such that its been a roller coaster ride for the people in india as far as the economy is concerned. people are sometime made to dream big and sometime they are forced to reconsider their options.
indian economy was in turmoil by the year 1990.majority of the country was suffering from acute poverty.at that stage india's middle class structure was not as wide as it is today
but it was the potential driving force who could drive india into the future. And at that time options were very less for someone to work hard and make his livelihood.but there was a breakthrough which was round the corner.And that major breakthrough was liberalization which really altered the picture of common man in the country.
during the period 1991-1998 Dr. manmohan singh came into the picture as finance minister of india in the narsimha rao government. the economist had the vision for a new india as
he single handedly took india out of the economic slump which the country was in from the year 1947-1990 the phase in which there was no future for a poor country like india.a country which was popularly known in the western world as a place which was still living in dark ages.
but dr. manmohan singh turned it around for the common man in india.
as i look into the past i found that he opened the gates for the filthy rich western world to come and find some kind of a market for their giant hungry corporates.
the critics saw this as a latest invented form of imperialism the word called "liberalization". but a country where people wanted a better standard of life proved the critics wrong.their life was getting better than ever day by day. as major comercialization occurred through out the country. people had lot more oppurtunities than they had in the past.the mnc's came in ,the IT,ITes came into the thick of things. the services sector took the driving seat and specially the IT structure really began to take its own shape as people were really good at it.the entire economic structure got a new look. DR. manmohan singh was spot on in identifying india's economic problem and giving it a direction.our middle class structure was widening and its effect was showing as country started to move.during this period the major changes which took place in common man's life were a better standard of living and their acceptance of a foreign language called english as their own language. our high potential and proficiency in the language helped us bringing in heaps of dollars in form of IT and ITES.slowly this liberalization was changing india.
our gdp started to grow at 6% per annum compared to the average 3% growth during the period 1947-1990
during the period 1998-2003 in which india suffered from international blockades due to conducted nuclear tests in 1998 had to survive at a mere 4-5% annual economic growth. when i say a growth of 5 % a "mere" it really by no means proves that it was a poor growth rate.
but in a country of 1 billion+ it really doesnt promise any future. but india still had that hope of making it to the big league where it really belonged.
and that hope came alive when UPA govt came to power in 2004. and because that new hope was a man whom pakistan's president Mr. asif ali zardari referred as "father of modern india".
and every economic watcher knew him due to his economic policies during the period(1991-1996) which turned out to be gold for the country during his tenure as finance minister of india. that man was again dr.manmohan singh
but this time he was facing newer challenges this time the challenge was not to give direction but to accelerate the speed of indian economic growth such that it does not looses track. though he was helped by a couple of things firstly as the economic blockades were lifted (during the end mr.vajpayyes tenure) and secondly he had found a very able man in form of mr. p chidambram as finance minister of india. both of them took charge and began doing the speeding up process of economic growth and they were successful as india was on its way again and the period 2004-2007 saw india making giant strides and attaining an unprecedented gdp growth rate of 9.4% during the yr '07.
manufacturing joined in and industrial sector also witnessed massive growth due to heavy investments and strong performance of mighty domestic players like reliance and TATA.
considering the micro level the situation of middle class man was never this better in the history of independent india.
with opppurtunities galore he was always dreaming of something better.and on the macro level a new india was taking shape
the world watched in awe as this giant called india started moving at a healthy pace
world realized that this was a different india. a india who would alter the economic map in this 21st century.US president george bush recognized this fact as US recognized this fact for the first time and accepted india as a new major world power. bushes recognition paved way for the much awaited india's arrival at the international stage . india was offered the the nuke deal with out signing the ctbts and the npts. NSG open doors for india to access modern advanced technology. the nuke reactors,the unknown advanced software which runs it,the latest technology was now readily made available to india despite of some strong protest from certain sectors. and seemingly india's future was seeled big time
suddenly everything seemed rosy. india was moving. people were dreaming big.stock market booming. we were living in a different india altogether
but there was a twist in the tail as came the year 2008 and came the worst economic crisis the world had seen since the great depression of late 1920s. something called "subprime mortgage crisis" had a devastating effect on the giant american investment banks. some of them perished and some were sold.the world shook as it saw the inevitable .infact today there is some serious bloodbath in the world stock markets .and how these global crisis could have had left india alone . india in 2008 came directly under its effect. the markets,the growth rate and the industries are plunging down again.the dreams of a developed economy are getting dizzy day by day.people in india are loosing jobs. fuel prices are on a all time high.inflation rate is at all time high.india's huge middle class structure suddenly find itself shaking.jobs are scarce even in the services sector and now there is only one big question on my mind is the bubble of liberalization gonna bust? ...........
