Economic Revolution in India

Submitted by : Mahesh Chandra Joshi, Coordinator & Asst. Professor,

                 KNV Institute of Business Management, Rajkot

This is era of information and technology. The world is witnessing remarkable progress in the area of production, communication, transportation, health, agriculture etc. Research and innovation has changed the overall scenario.

India is also active participant of this changing world. India remained as leader for centuries. It was golden time for India when social and economic activities were at peak. But during last 1000 years, India faced so many challenges. Different rulers ruled it and political instability ceased overall growth of the country.

After independence, India is on the right track of growth and excellence. The geographic location of India is unique. It has varied natural resources, which are must for self-sufficiency and industrialization.

India has large population of unskilled, semi skilled, skilled and super skilled people in various areas. Indians are result oriented and created history in various areas of business, art and technology across the globe.

Natural and human resources of India provide good base for “ Economic Revolution”. After 1990 Government of India adopted policy of liberalization and globalization. This was significant decision for Indian economy. It opened doors for MNC’s and encouraged Indian companies  to become global.

All leading MNC’s such as Coca Cola, Pepsi, LG, Akai, Sony, Ericsson, Motorola, Thomson, Honda, BMW, IBM, GE, Microsoft, American Standard etc. are operating in India.

For grabbing the opportunity Indian companies such as Aditya Birla group, Tata, Reliance, Sahara India, Bajaj, Hero, Adani, RPG, Ranbaxy etc. are doing business abroad. India companies are also concentrating on research, product quality and marketing.

Now Indians and Indian companies are achieving significant place world over. In computers and IT India enjoys good reputation. All leading companies are headed and dominated by Indians.

Premier educational institutions such as IIT’s and IIM’s are developing brilliant technocrats and business executives. They are getting good jobs in India and abroad. At India Banking, Insurance, Communication, Electronics, Textile, Chemicals, automobiles and allied area are at boom. They are creating employment opportunities for millions.

In the coming years Biotechnology, Tourism, Agriculture, Medicine, BPO, Higher Education, Retailing, Fashion and related business will flourish in India.

As projected by Indian government, India will achieve status of developed nation by year 2020.  Various international agencies such as WTO and World Bank are also forecasting economic rise of India.

India has population more than 1000 millions. About half of the population belongs to middle class, which is very potential market of the world. This market comprises of educated, good earning, progressive and ambitious customers which purchases almost all types of products and services.

Every MNC is focusing its resources to capture this high potential market. If current political, social and economic environment will continue than no doubt India will achieve its status of developed nation by 2020.

 Mahesh Chandra Joshi