The way Indian economy is making progress for the last few years, is fairly rapid and impressive. Continuation of the same trend in the next five years should result in substantial advancement in prosperity as compared to developed countries. However, complacency can be disastrous for any country. Also there is no harm to give further fillip to growth rate in future. With this attitude I would like to suggest the following ares of improvement for aster development of India's economic prosperity and security. 1.
India's achievement in the field of information technology, particularly in software development has been very impressive and very much talked about. But it is worth noting that most of India's software and other IT services companies, including IT based business process outsourcing derive a very big chunk of their business from overseas business. This means that India is not able to make much use of IT to improve the effectiveness and efficiency of its business and other economic operations. This also reflects the low priority given by Indian business to improve quality, effectiveness and efficiency. I believe, that to become a major economic power in the world, it is necessary to develop the best capabilities in much wider sphere of technology, rather than just providing services to other companies and business that use such services to achieve high level of efficiency and effectiveness. 2.
Performance of industries is being harmed by narrow considerations of regionalism and casts. While the need to provide support support to under developed regions and under-privileged sections cannot be denied. I very much doubt if their interest is best served by helping them in ways that bring down the level of performance in businesses and public life. Any preferential treatment to specific region or set of people should pass the test of a proper cost benefit analysis. Of the various practices adopted in name of social justice, the one that hurts the country...
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