The trend of rapid improvement in the Indian economy continues, which becomes clear from the growth rate of industrial production. In October 2009, the growth rate was 10.4 percent and it became 11.7 percent in November 2009.
It is good that the growth rate of the manufacturing sector is 12.7 percent. In durable consumer goods, the growth rate was 37.3 percent, which means that the fear of recession has vanished from consumers' minds, and a sense of self-confidence and security has come back.
The good news is that export too, has started showing growth after a long time. Everyone agrees that in India's journey of growth, global recession would will only prove to be a hiccup, and India would will soon tide over it. But we would will have to learn a few lessons from the recession and have to make a few fresh beginnings.
Biggest Challenge
The biggest challenge before us in the coming days is to become a superpower in the manufacturing sector. At present, the service sector has a big share in India's growth, but we would will have to concentrate on the manufacturing sector for continuous growth.
Obviously, we cannot make industrial progress like China as a democratic society has its own limitations. Though industrial development in a democratic society is a bit slow, it is sturdy. Secondly, people have bigger partnership in that development. Even now, the basis of our industrial development is domestic demand, which means that Indians are benefiting from industrial development.
The development at a more extensive level is necessary so that this demand keeps on growing, and large-scale efforts are necessary for development of the agriculture sector. Along with making agriculture profitable, it is necessary to reduce people's dependence on the same.
It is good that the growth rate of the manufacturing sector is 12.7 percent. In durable consumer goods, the growth rate was 37.3 percent, which means that the fear of recession has vanished from consumers' minds, and a sense of self-confidence and security has come back.
The good news is that export too, has started showing growth after a long time. Everyone agrees that in India's journey of growth, global recession would will only prove to be a hiccup, and India would will soon tide over it. But we would will have to learn a few lessons from the recession and have to make a few fresh beginnings.
Biggest Challenge
The biggest challenge before us in the coming days is to become a superpower in the manufacturing sector. At present, the service sector has a big share in India's growth, but we would will have to concentrate on the manufacturing sector for continuous growth.
Obviously, we cannot make industrial progress like China as a democratic society has its own limitations. Though industrial development in a democratic society is a bit slow, it is sturdy. Secondly, people have bigger partnership in that development. Even now, the basis of our industrial development is domestic demand, which means that Indians are benefiting from industrial development.
The development at a more extensive level is necessary so that this demand keeps on growing, and large-scale efforts are necessary for development of the agriculture sector. Along with making agriculture profitable, it is necessary to reduce people's dependence on the same.
Manufacturing Sector
Only the manufacturing sector has the capacity to create jobs on a large-scale. The government's policies and the Reserve Bank of India (RBI) have played an important role so far in coming out of the recession.
At the beginning of the New Year, we are at the point where the process of emerging comes to an end and the process of picking up speed begins. Let us hope that the government's policies would continue to provide impetus to this process in the future also.
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