Dont You think indians consume much more than what they produce? It has the world's twelfth largest economy at market exchange rates and the fourth largest in purchasing power. Economic reforms have transformed it into the second fastest growing large economy; however, it still suffers from high levels of poverty. per capita income of india is 128th . By this rate it would take some hundreds of years to reach the level of european countries. The big MNC's are just making fools of indian purchasing power. Moreover the work they are sendin too india is of sales , marketing , backoffice & no development & manufacturing jobs. They are just exploiting us & we are enjoying being their customers. Most of the govt welfare money is used by politicians & beaurocrats for their material needs. Service sectors guys are slogging upto 16 hrs a day to earn 25,000 rupees which is equivalent to the unemployment bebefits in USA. the big question... Where are we heading???
Example of what NOKIA did for Finland... Nokia plays a very large role in the economy of Finland: it is by far the largest Finnish company, accounting for about a third of the market capitalization of the Helsinki Stock Exchange as of 2007; a unique situation for an industrialized country. It is an important employer in Finland and several small companies have grown into large ones as Nokia's subcontractors. Nokia increased Finland's GDP by more than 1.5% in 1999 alone. In 2004 Nokia's share of the Finland's GDP was 3.5% and accounted for almost a quarter of Finland's exports in 2003. In 2006, Nokia generated revenue that for the first time exceeded the state budget of Finland. Thus nokia is developing itself & taking the finnish people with it too. Moreover they are into cutting edge R&D. Not body shoppers like some of the indian software companies.
I agree with you that India is not yet able to use its clout in the IT industry to bring more people out of poverty. But a lot of that also has to do with the administrative lethargy. There is a lot left to be desired when it comes to govt policy making and its subsequent implementation. The IT industry can only employ knowledge workers. And with more than 30% Indians still lacking basic education, how can we expect one industry to prop up the whole nation. To create jobs for more people, we need more factories and more infrastructure investment plans. But the pace at which these plans are being executed, demand always outstrips supply by a long way. a more pertinent question would be, what can we do to change this. how can we contribute to hasten our development pace.
Origin Of Indian Stock exchange: Indian share market started functioning first in 1875, First share-trading association in India was called Native share and Stock Broker's Association which later became Bombay Stock Exchange (BSE). This trading organization started with 318 members and BSE is oldest stock exchange in entire Asia.
I think we just can't sit and blame MNCs for exploiting us! Atleast we are getting jobs because of foreign companies running in India. What if they wouldn't exist? Where would millions of Indian employees work? And the reason why we don't have manufacturing and R&D plants here is that we don't have adequate workforce who can work in those segments. Indian education is not on par with foreign education which primarily focuses on innovation and R&D. So we need to change Indian education to bring the change we desire. Do you agree with me?
Yes, i do agree with you. Education system in Indian needs to be reformed to see the actual growth on not only the economy rather the whole nation.
It is really hard to say if Indian economy is actually growing. For its actual growth there should be reforms in various fields. Education is one such field which will not only facilitate the growth of economy of the nation but also an overall growth of the nation. New economic policies should be made as well as the issues that are creating hindrance should be resolved in order to witness growth in the economy of the Nation.
India is a developing nation and Indian economy is also developing to a certain extent. Indian economy has been since a long time facing a lot of problem which is creating a wall in the economic as well as overall development and growth of the nation. Although it is considered as the World's third largest economy, but there are some major problems that is stopping the nation from growing. The flaws are with the economic policies which needs to be modified and altered.
Very interesting! Indian's got to learn something from this. We are a huge population in the world and one of the finest brains too. It is the reluctance to innovate or spend time and money without any guaranteed results which is making Indians turn towards body shopping instead of doing some R and D. India and its youth should start innovating to improve indian economy. Even the government must promote such moves by rewarding those innovating for the country. Instead of stashing the money in Swiss banks, politicians should spend it for some good purpose. Lets do something good for our country, leaving all the selfishness we have in us.
Very interesting! Indian's got to learn something from this. We are a huge population in the world and one of the finest brains too. It is the reluctance to innovate or spend time and money without any guaranteed results which is making Indians turn towards body shopping instead of doing some R and D. India and its youth should start innovating to improve indian economy. Even the government must promote such moves by rewarding those innovating for the country. Instead of stashing the money in Swiss banks, politicians should spend it for some good purpose. Lets do something good for our country, leaving all the selfishness we have in us.
Indian is a developing country but it is really hard to say whether Indian economy is really growing on the basis of the parameters it is judged. However, the IT Industry has contributed remarkably to the Indian economy and its growth in the recent years is notable. Moreover, if we look at the GDP, it is almost constant and this does not indicate any growth.
