Wednesday, May 1, 2013

The pro-India view

H.E. Peter N Varghese AO Australian High Commissioner to India

The India-Australia coal trade is a token of India’s growth story driven by huge domestic demand, which is one of the highest in the world. Earlier, the imported coal from Australia was mainly cocking coal used for domestic consumption but the future import usage would be centered on thermal power generation, another important prerequisite for India’s growth story. It would be myopic to look into India’s growth with quarterly or yearly results – India’s economy has undergone many twists and turns – from Hindu rate of growth to a fast paced one from the time of liberalization. That notwithstanding, a massive pool of young population would be the key to India’s success in the long run. In this age of globalization, India’s economy is not a phenomenon in isolation, rather its being impacted by the global economy and economic meltdown in Europe and North America always have a negative effect on it. The strength of Indian economy is based on certain factors viz. it is a consumption based economy, its high savings and high investment level, and then if it can win the challenge of education for its citizens. Economy is a part of an ecosystem and it does not exist independently. Economic growth and political stability are clearly inter-related. Further, India’s democracy is the pillar of strength for its economic advancement, which provides as shock absorbers, so that in the long term economic growth speeds up.


Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri
 
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