Leading Indicators of Indian Economics
LEADING INDICATORS
OF THE INDIAN ECONOMY
Lt Col D G Naik Grenville Savio Noronha Gnanasundaram C Kaushik K
Course Project Report of HS 700 – Applied Economics Spring 2006
The economic dominance of the US is already over. What is emerging is a world economy. India is becoming a powerhouse very fast. Peter Drucker, Management Guru, In Fortune
The dynamism shown by India in the last 15 years is phenomenal. Paul Wolfowitz, President, World Bank
There is huge amount of optimism about India...the country is well positioned to accelerate from its present 6.5% growth to around 8% in the near future. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission of India
India is growing fast and everyone seems to want a piece of the action. Director of Market Services, London Stock Exchange
Martin Graham,
India has the potential to deliver the fastest growth over the next 50 years with an average rate of more than 5 per cent a year for the entire period. Dominic Wilson, Senior Global Economist and Vice President, Goldman Sachs
India is a rising economic influence of power in the international system. It 's a great multiethnic democracy. Condoleezza Rice, US Secretary of State
2
INTRODUCTION
An Overview of the Indian Economy:
Indian economic policy after independence, influenced by the colonial experience, which was seen by Indian leaders as exploitative in nature, and by their exposure to Fabian socialism, became protectionist in nature. The early policy makers formulated a policy of import substitution, industrialization, state intervention in labour and financial markets, a large public sector, overt regulation of business, and central planning. This led to a low overall average growth rates upto 1980. The economic reforms that surged economic growth in India after 1980 can be attributed to two stages of reforms. The pro-business reform of 1980 initiated by Indira Gandhi and carried on by Rajiv Gandhi, eased restrictions on capacity
OF THE INDIAN ECONOMY
Lt Col D G Naik Grenville Savio Noronha Gnanasundaram C Kaushik K
Course Project Report of HS 700 – Applied Economics Spring 2006
The economic dominance of the US is already over. What is emerging is a world economy. India is becoming a powerhouse very fast. Peter Drucker, Management Guru, In Fortune
The dynamism shown by India in the last 15 years is phenomenal. Paul Wolfowitz, President, World Bank
There is huge amount of optimism about India...the country is well positioned to accelerate from its present 6.5% growth to around 8% in the near future. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission of India
India is growing fast and everyone seems to want a piece of the action. Director of Market Services, London Stock Exchange
Martin Graham,
India has the potential to deliver the fastest growth over the next 50 years with an average rate of more than 5 per cent a year for the entire period. Dominic Wilson, Senior Global Economist and Vice President, Goldman Sachs
India is a rising economic influence of power in the international system. It 's a great multiethnic democracy. Condoleezza Rice, US Secretary of State
2
INTRODUCTION
An Overview of the Indian Economy:
Indian economic policy after independence, influenced by the colonial experience, which was seen by Indian leaders as exploitative in nature, and by their exposure to Fabian socialism, became protectionist in nature. The early policy makers formulated a policy of import substitution, industrialization, state intervention in labour and financial markets, a large public sector, overt regulation of business, and central planning. This led to a low overall average growth rates upto 1980. The economic reforms that surged economic growth in India after 1980 can be attributed to two stages of reforms. The pro-business reform of 1980 initiated by Indira Gandhi and carried on by Rajiv Gandhi, eased restrictions on capacity
References: 1. Pami Dua and Anirvan Banerji, “A leading index for the Indian economy,” Working paper no. 90, Centre for Development Economics, March, 2001. 2. J –D Lindlbauer, “Business Cycle Indicators From Qualitative Data,” In Searh of Economic Indicators Essays on Business Surveys (Lecture Notes in Economics and Mathematical Systems, Werner H. Stringel, Ed. Berlin: Springer-Verlag, 1977. 3. Raj Kapila and Uma Kapila, Understanding India’s Economy Reforms: The Past, The Present and The Future, New Delhi: Academic Foundation, 1996. 4. Uma Kapila, Indian Economy since Independence, New Delhi: Academic Foundation, 1998 5. [Online], Available: http://en.wikipedia.org/wiki/Economy_of_India 6. [Online], Available: http://en.wikipedia.org/wiki/Gross_Domestic_Product 7. [Online], Available: http://ibef.org/home.aspx 8. [Online], Available: http://www.investopedia.com 9. [Online], Available: http://www.rbi.org.in 10. [Online], Available: http://www.ibef.org 11. [Online], Available: http://rbi.org.in/ 12. [Online], Available: http://www.economywatch.com/ 34