The end of colonialism, poverty-stricken majority and setbacks of partition marked the arrival of independent India in the global economy. This journey of becoming the seventh largest economy wasn’t a cake walk. An inspiration to many and a live example of rising from the ashes is the actual description of the world’s most populated nation. The present, past and future conditions of India’s economy were highlighted at the second annual lecture in the centre of Emerging Market’s India- Northeastern University lecture series by Arvind Panagariya.
Arvind Panagariya- the former vice chairman of the National Institution for Transforming India termed India as young, aspirational and demanding. He turned the audience to those dull days where the India’s economy almost crashed. But, the intervening 60 years saw the economy almost exploding. He elucidated the historical step of nullifying the Rs. 500 and Rs. 1000 currency tender in 2016 as a counter attack opposing corruption. The Padma Bhushan awardee illustrated the odds faced by this developing economy. Protectionism trend, dynamic technology and the upswing of China as a global player were outlined as the dominant challenges for the nation.
“Owing to the present trends, there is no need to be pessimistic” as quoted by Arvind Panagariya attaches weight on the growing potential of India. The economist illustrated preposterous facts delineating India’s per capita income which doubled by 1990 and even tripled by 2013. Equivalently, poverty rates miniaturised to half. These aspects compelled him to proclaim that India is poising to become the third largest economy in no time soon.
Astonishing!
Harminder singh