Finance, Forex and Investments

do u agree that india can experience a double digit growth if it further liberalize its economy?

i have read about indian economy including the history; the economy was the world's largest from 1AD until conial time; during the conial time, the west exploit indian resource that lead india to closed its economy after independence by imposing socialist policies; in 1990s, india liberalize its economy after experiencing balance of payment crisis; over the next decades, india experience robust growth but not double digit could be due to still regulation on free economy market structure; do u think india should further reform it's economy in order to achieve double digit growth and at the same time reduce it's so called disguise unemployment rate? from my point of view, yes; this would create more enterprises and jobs for ordinary citizen especially the young population; im confident that india will be world's largest economy again maybe before 2060; jai hind the recent data by Transperancy International cited that india rank 87th least corrupted state; with this rank, how can india double it's growth? in fact, india should tackle corruption so that there will be equal opportunties for every indians; india can do better by being more transperant, and may even experience double digit growth to improve the standard of living of individuals; i think india is not doing much in terms of corruption otherwise it could have experience a very high GDP growth rate; what r ur thoughts for india economy? please share ur views by the way, im singapore-born indian and would like to see india a prosperous country one day http://en.wikipedia.org/wiki/Economy_of_India thank you, jai hind about me: i was an economic student but without economic degree; i really love economics and love to hear from people who are interested; im just less than high school but i have economic knowledge because i love the subject;

Public Comments

1. India is growing country.Our economy is rising gradually. Now the economic growth is about 8.5% We hope it will be soon in double digit.
2. Liberalisation is not the panacea for economic backwardness. Rational manipulation of trade and industry policy should be made, while not losing sight of uplifting the basic agricultural, small industries / services / trade sectors. Even the present GR is not impacting the poor, but only top level industries / export trades / share market business / etc are growing fast and small, medium industry, trade etc, are suffering much. Such sharp economic divide would end up in chaos and social / political disharmony only.
3. Yes, if the right steps are taken.
4. Just growth alone will not help the whole population. The trickle effect of economic growth takes a long time to reach the lower strata of the population. this is the greatest pitfall for ay growing economy. If this is not handled properly there is bound to be chaos and this can stall growth. More liberalisation will be advantageous. India's population is a driving factor at the moment. This huge market will attract a lot of foreign capital which in turn will drive industries to produce more thus giving jobs for the masses. The thing to be watched here is the salary growth. If salary is going to grow fast then the capital will try to go to the lower wage countries. The fine balance is required here. we have to take care of the peoples need and at the same time we must keep ourselves competitive. India wage earners salaries are going a bit faster than the other countries wage earners. so this can be negative factor in the long run. Infrastructure is another one to concentrate on. As industries grows there must be enough water and power to drive them. Corruption per se will not hinder the growth. Foreign investors factor these things in their economic model and they will not bother much. But the name of the country will be spoiled with all sort of reports and this may prevent not so big players from coming to India.