“Salient Features of Indian Economy
Promotion of Foreign Investment and Business”
PART-II
Paradigm shift
There have been fundamental and irreversible changes in the economy, government policies, outlook of business and industry, and in the mindset of the Indians in general.
1. From a shortage economy of food and foreign exchange, India has now become a surplus one.
2. From an agro based economy it has emerged as a service oriented one.
3. From the low-growth of the past, the economy has become a high-growth one in the long-term.
4. After having been an aid recipient, India has now joined the aid givers club. India has become a net creditor to IMF, since July 2003.
5. Although India was late and slow in modernization of industry in general in the past, it is now a front-runner in the emerging Knowledge based New Economy.
6. The Government is pursuing reforms and liberalization not out of compulsion but out of conviction and consensus.
7. Indian companies are no longer afraid of Multinational Companies. They are becoming competitive and some of them are going global.
8. Fatalism and contentment of the Indian mindset have given way to optimism and ambition. Introspective and defensive approach has been replaced by outward-looking and confident attitude.
9. The Indian culture, which looked down upon wealth as a sin and believed in simple living and high thinking, has started recognizing prosperity and success as acceptable and necessary goals.
10. Graduates no longer queue up for safe government jobs. They prefer and enjoy the challenges ...