Essay on Indiaâ€an Emerging Power in the World Essay

R ar are the moments in history when a nation suddenly captures the imagination of the world. For India, those uncommon moments have arrived. The country is achieving a high economic growth of over 8 per cent of its GDP annually, on a consistent foundation. In fact, Indias 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 morose the leaders of growth of the global economy. One can get the measure of Indias resurgent economy from the fact that the world GDP growth is almost 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 total worlds 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 f loating and preventing it from sinking in deep depression. Indias growth rate, though quite remarkable at present is active 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 Raos regimen in 1996. By late nineties and the early years of the bleak 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 ga at that placed impulsion when Dr. Manmohan Singh-the Finance Minister in Raos government and the author of economic reforms became the Prime Minister in the Congress-led United Progressive Alliance. Though the compul sions of coalition politics prevent him from draw upting reform process in full swing, yet the reform process is being accelerated. The industrial production has been achieving high growth- in the neck of the woods of 15 per cent year-on-year. The production has covered large-scale medium, small-scale and tiny industries.There has been a balance in various types of industries like mining and quarrying, marque and cement, primary industries as well as secondary industries. The range of production has been very vast including electronics, textile, transportation, pharmaceuticals, power generation, electricals, various types of consumer durables, etc. As a answer of high production, the local business in these items has flourished leading to increased corporate profits, a high rate of saving and investment and hence, capital formation.The revenue that the government earns in the shape of taxes-direct as well as indirect has increased many-fold. With this increase in revenue the go vernment has been able to set up new projects for development, and complete already started projects. Many sick industrial units have either been merged with different healthy units or have been rehabilitated with additional grants. Development in the industrial sector has given new opportunities in trade and usage to millions of people. Our computer software and Information Technology have progressed by leaps and bounds during the fit decade.Many computer software parks and IT-enabled services parks have been set up in different cities such(prenominal) as Bangalore, Chennai, Gurgaon, Hyderabad, Noida and elsewhere. The number of companies doing such business has increased more than 100 per cent during the pull through ten years. India has become an expert in computer technology. Several companies from Europe and America are outsourcing their business through India. Our major IT companies like Infosys, TCS, Wipro, Satyam Computers, Tech Mahindra and HCL are generating profit of millions of rupees every year.A number of call centres have come up in major cities to cater to the needs of outsourcing business. Our exports have almost doubled during the last four years. The foreign exchange reserves have crossed US $ cc billion which have given India a great financial strength. Our rupee has become very strong against the separate international currencies- notably dollar, pound and euro. However, there is poverty amidst plenty in many areas. Millions people live in poverty and destitution. They do not have even the basic amenities of life, that is to say ood, clothing and shelter. This is because of the large size of our population, illiteracy, poor public distri besidesion system and corruption. But, things are improving fast in India.Centuries of exploitative rule by the British had drained India of its wealth. After achieving independence, the country had a great task of rebuilding the basic infrastructure, spread education and bring new technology. The pl anned growth put the country back on track. Today, the literacy rate has improved to over 75 per cent, the per capita income has rossed Rs 25,000, health care facilities are available in every part of the country, and employment opportunities are growing. The large size of the population is actually a great source which can lead the country to dizzy heights. Nearly fifty per cent of our population is young which means a great working potential, which, if properly utilized can increase production and eradicate poverty. India is the biggest democracy in the world. The governments at the centre as well as at the states level are elected on the basis of universal adult franchise.Although the country is a melt pot of different communities, religious and languages, all enjoy equal rights and share the same responsibilities. There is no distinction between people on the basis of caste, creed and religion. The political structure is well laid down in the tenets of the Constitution so that there is no political crisis. There has been a constant political atmosphere in the country right from independence. The political deadlocks, if any, are resolved peacefully. Such stability and system has served as an abject lesson for many other countries and enhanced Indias stature in the world at large.Indias foreign policy also has been open and clear-aiming to develop friendly relations with other countries, including its neighbours. At international meetins and conferences, India is given a pride-of-place. The developing countries look to India for guidance and help. Militarily, India is one of the strongest countries in the world. Having the third largest army in the world, it has a huge arsenal of weaponry including nuclear weapons. Its Army, Navy and Air Force are always ready to meet any challenge.India believes in having peaceful relations with other countries, but in todays world of changing equation, it is necessary to have a military might to deter other countries to do any mischief. During the last decade or so, India has shown a tremendous all-round progress. Its economy has grown at face pace the social life of people has in frequent been peaceful and progressive. The main indicators like literacy, per capita income, employment, etc. have been positive. The rights of people are well protected. The world is now looking at India with a renewed respect-as it is an appear power in the world.