The Emerging Power series takes a close look and dramatic changes in the economy of Mexico, Brazil, India and China in the year 1996. The motive was to compare and contrast the economies with other countries and themselves also with the past economic conditions. Actually the economic reforms of the governments of these countries in the past decade have been stressing on more of a capitalist society than the old bourgeois society. These countries after the economic reforms has made great improvements in terms of progress and thereby moving on the way to become the world power.
India Among the Emerging Economies
India is among those countries which had made a remarkable improvement in her economic conditions through reforms that started in start of the 1990’s. India got her independence on 15th August, 1947. And from the very beginning the leaders of the ruling Congress party of India, believed in a socialistic society. But the fact was they did not want to oversee the power of capitalist countries. Therefore a middle path was selected.
India took full assistance from U.S.S.R (now Russia), the biggest socialist country of those times. Along with that efforts were made to remain in contact with the capitalist countries like United Kingdom, United States etc. For this reason India maintained its membership in the commonwealth countries, a group of Capitalist countries.
Later with the breaking of the U.S.S.R into a group of small countries the power of socialist countries began to fall drastically. Russia, the biggest country formed out of U.S.S.R was the only country which was still fighting its existence with the socialist reforms undergoing in the country. The result was that India lost its faith in the socialist state and interest moved on towards the capitalist countries.
Indian Subcontinent observed full outrage of capitalist movement in the country during the start of the 1990’s. In the government of Congress, the then Finance Minister Man Mohan Singh (Now Prime Minister) announced radical changes in the policy of the government allowing foreign investment in the country. The result was seen in the economy as a whole.
The Indian Stock Exchange
The National Stock Exchange (symbolized as NSE) and the Bombay Stock Exchange (symbolized as BSE) are the two main stock exchange of the country. After the economic reform the investment in stocks by the foreign investor became possible up to some extent through indirect foreign investment channels. With the later economic reforms the extent of investing increased up to hundred percent level. The result was that the country now had a direct FDI or the foreign direct investment in the stock market and the investment in the Indian stocks increased up to billions of dollars from across the world.
India is now one of the biggest exporters of blank CD, DVD, Mp3 and other computer related items. The country has its biggest hub for customer service call center in Bangalore, Hyderabad, Delhi, Gurgaon and other cities also. The Blue chips jobs today are more preferred by the children of those people who once use to harvest their lands.
People now watched private channels, International channels in their home and becoming more cautious about their world and the radical changes. Discovery channel takes them to out of the world experience, while the BBC and the CNN help provide people with the first hand knowledge of the happenings in the world.
A number fast food places have opened in the country. People now prefer to taste pizzas and burgers than the causal Roti and Dal i.e., their traditional food. The brands that have entered the Indian markets and introduced Pizzas include Pizza hut and Dominos. Other International Eating places include Café Coffee day, Barista, Subway, KFC chicken corner etc.
Gone are the days of Dhotis, Kurta’s and Pajamas, the traditional dresses of Indian people. Now various brands of jeans and casuals have opened their outlets in the country. These brands include Levi’s, Cotton County, Koutons, Provogue, Lee etc. Furthermore, Italian furniture is now much in demand in India. Cars from Korea, Germany are the favorite Indian people, and with the economic reform the countrymen are now fulfilling their dreams of owning International brand cars
The Overall outlook of the Indians has changed. People are now looking towards the world market, and expect to get the world class food, clothing, facilities and services at their door steps. The rise in the per capita income of the people and high standard of living are the key features of the improving Indian economy as a whole.
