While world economies are still reeling under the impact of recession, Indian economy has emerged winner with an astounding growth rate of 7.9% in the second quarter. While the Sensitive Index more than tripled during the year, Forex reserves jumped from $34 billion to $290 billion.
However, the question remaining is whether Indian economy will be able to continue on this seemingly impossible upward trajectory. To keep up the good work, India needs to develop its infrastructure to suit a trillion-dollar economy, provide jobs to its educated and raise productivity in the agricultural sector. Reforms in financial, labor and insurance sectors are also on the government agenda.
The double-digit growth rate is within the grasp of Indian economy in the next decade, if pursued diligently. To make this goal a reality, the initiatives undertaken at the national level should be ably supported at state and local levels. Proactive and creative leaderships at all levels are the need of the hour.
According to Prime Minister Manmohan Singh, to build ‘India of tomorrow’, it is essential to develop rural areas and elevate social classes. As India’s population is concentrated on the least developed regions, it is high time that this issue, which is contributing greatly to the continuance of poverty and domestic migration, is addressed.
Manmohan Singh said that though India is facing external challenges, they are nowhere as intimidating as the ones faced at home. To sustain the development and growth, it is imperative to set the house in order by liberating our citizens from the clutches of poverty, ignorance and diseases. This will empower them to face the external challenges with gusto.
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