What great achievements by India in the recent past. The multibillion takeovers by the Tatas, Ranbaxys, Birlas and many more. Sustaining growth at over 9% is commendable. Foreign investers vying to foray into Indian markets. Government eying SEZ options beacons humongous growth. Its been a resounding victory for the individuals and the nation. The passion to perform and zeal to excel is conspicuous. 2006 is mere history. Are all the milestones achieved? Will the existing market scenario coast the nation towards Development?
Although Indians are regarded as a highly productive and cost-efficient force by the west, excessive megalomania can lead to digression. The service industry has billowed in the last few years. It has been a source of employment for hundred thousands of natives. The purchasing power of the common man has increased manifolds. Following huge demand for technicians in the service industry, the packages offered by the big brands in market are mind boggling. Probably that's the reason why the surging inflation rate hasn't had such a hype by the nationals. Conglomeration of these factors result in booming economy. But the increasing growth might raise alarm bells for the foreign customers and they in turn would start venturing for alternative global markets like China and Brazil. Its time to handle such critical issues and think of countering measures.
Moreover, China being a major technical power, growing at a higher rate than India, hitherto faltered to covet huge consignments. The major reason for this had been their existing economic policies and secondly the language barrier. China has decided to open up their markets for globalization by 2009 and the affects are palpable. Language prophecy can be acquired over a period of time. That should not be a concern for the Asian giants.
If India fantasizes of becoming a superpower by 2020 we will have to explore key areas where further development is possible. We should leverage technology to create a wider impact on indigenous growth. This would reduce our dependence on foreign clients. Exemplifying the fact, within the last few years the number of nationalized banks have increased. Technical advancements have made it possible to centralize operations that have proved fruitful for the customer and provider and fortifying the service industry. Such advancements would cater to progression and make us self sufficient.
Therefore, if India needs to sustain its rocketing growth, its imperative that we develop our research and development domains and zoom into key areas of improvement. We have to keep our knowledge and skills updated to be at par with the competitive world. This would improve our productivity and stamp our superiority in global market. Its time not to be complacent on past laurels and rather utilize the existing fillip for fostering development in modern India.
Although Indians are regarded as a highly productive and cost-efficient force by the west, excessive megalomania can lead to digression. The service industry has billowed in the last few years. It has been a source of employment for hundred thousands of natives. The purchasing power of the common man has increased manifolds. Following huge demand for technicians in the service industry, the packages offered by the big brands in market are mind boggling. Probably that's the reason why the surging inflation rate hasn't had such a hype by the nationals. Conglomeration of these factors result in booming economy. But the increasing growth might raise alarm bells for the foreign customers and they in turn would start venturing for alternative global markets like China and Brazil. Its time to handle such critical issues and think of countering measures.
Moreover, China being a major technical power, growing at a higher rate than India, hitherto faltered to covet huge consignments. The major reason for this had been their existing economic policies and secondly the language barrier. China has decided to open up their markets for globalization by 2009 and the affects are palpable. Language prophecy can be acquired over a period of time. That should not be a concern for the Asian giants.
If India fantasizes of becoming a superpower by 2020 we will have to explore key areas where further development is possible. We should leverage technology to create a wider impact on indigenous growth. This would reduce our dependence on foreign clients. Exemplifying the fact, within the last few years the number of nationalized banks have increased. Technical advancements have made it possible to centralize operations that have proved fruitful for the customer and provider and fortifying the service industry. Such advancements would cater to progression and make us self sufficient.
Therefore, if India needs to sustain its rocketing growth, its imperative that we develop our research and development domains and zoom into key areas of improvement. We have to keep our knowledge and skills updated to be at par with the competitive world. This would improve our productivity and stamp our superiority in global market. Its time not to be complacent on past laurels and rather utilize the existing fillip for fostering development in modern India.
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