Essay on India—an Emerging Power in the World

Topics: Economics, Economic growth, Gross domestic product Pages: 3 (1212 words) Published: June 6, 2013
Essay on India—an Emerging Power in the World
Rare are the moments in history when a nation suddenly captures the imagination of the world. For India, those rare moments have arrived. The country is achieving a high economic growth of over 8 per cent of its GDP annually, on a consistent basis. In fact, India’s economic growth rate is second highest in the world-next only to China. The developed world has been left behind. The two Asian giants-India and China have today turned the leaders of growth of the global economy. One can get the measure of India’s resurgent economy from the fact that the world GDP growth is around 4 per cent. For advanced countries, the growth rate is around 3.5 per cent, while India is maintaining its GDP growth around 8.5 per cent of its GDP. The economic experts feel that the average world’s growth rates could have been dismal if they had not been boosted by the resurgent economies of India and China. It is the high growth rates of these two Asian giants that are keeping the global economy floating and preventing it from sinking in deep depression. India’s growth rate, though quite remarkable at present is about two per cent lower than that of China. But the country is fast catching up with its eastern neighbour, and the predictions are that India will soon overtake China-which started its economic reforms in 1979-full 12 years earlier than India. India started its economic reforms in 1991 amidst deep economic crisis. The process of reforms was halted with the exit of Narsimha Rao’s government in 1996. By late 1990s and the early years of the new millennium, the reforms were slowed down as the Left parties in the BJP-led National Democratic Alliance (NDA) were against privatisation and globalisation of Indian economy. However, the process of reforms gathered momentum when Dr. Manmohan Singh-the Finance Minister in Rao’s government and the author of economic reforms became the Prime Minister in the Congress-led United Progressive...
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