to struggle with debts, but soon in 1991, our nation adopted the NEP [New Economic
Policy] opening up new avenues for the nation to explore with a strong focus on Liberalization, Privatization and Globalization.
Today our economy is the twelfth largest in the world, with extensive labour power [ second largest in the world] and the PPP [Purchasing Power Parity] being fourth largest. India is also a major player in the international politics as well.
But, the fact being that despite the tremendous economic growth rates reported in the recent decades, a large chunk of Indian population still remains poor.
The economic growth in India has been uneven and unequal, creating disparities between different social groups, rural/urban nexus and resulting in a ‘class-divided hierarchy’ better known as the ‘bourgeoisie and proletariat’ in Marxist terms.
Rural development still remains a major aspect unattended to.
Yet, what makes India’s growth so unique that we expect India to emerge as a major global power? [Especially when according to Goldman Sach’s report, India’s GDP would surpass that of the US before 2050]
Well, lets explore as to what makes India’s growth unique. India being one of the largest democracy is one nation which is committed to diversity more or less in every sense possible, be it languages, cultures, norms, inclusiveness, religion, festivals.
It is one place where superstition and rationality, faith and suspicion, growth, expansion and exploitation, corruption and transparency[RTI Act] , all CO-EXIST together in one sphere.
A nation that has grown and still strives to march ahead in the midst of communal riots, regionalist politics, terror attacks, natural disasters, and conflicting interests between various groups. Wherein,on one hand we have MNCs wanting to invest on the costruction of dams, on the other hand we have social movements demanding rehabilitation for those displaced in the process.
All India requires is an implementation of ‘balance’, a coherence and harmony between rural and urban development, its not that simple though.
Its not just about the internal disputes and problems within India that act as a limitation to its growth.
India being the largest in size, population in its own area- South Asia, its bordering neighbours like– Pakistan, Nepal, Bhutan, Bangladesh, Srilanka also consider India to be a regional bully, thus at times refraining to cooperate in certain economic settlements through SAARC, thinking that India would raid their markets.
Pakistan's state and society faces imminent collapse. The country most affected in the process will be India, which will find its regional context becoming more significant. India will be confronted with a global situation, both economic and strategic, that will be unpredictable. The challenges that India faces are daunting; it has to deal with its regional complexities and pitch for a larger role in the Asia-Pacific region, which will be contested by China. It might appear that the state most likely to gain from the "post-American world" is China, since it not only has the necessary economic wherewithal but also a geostrategic vision. But unlike China’s one-party system of politics, India follows a more transparent and sound version of Democracy, striving for democratic ideals.
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