Our stars seem to have aligned. While there is promise, much will depend upon how we execute as Team India. While Sensex is at record high and cities are shining, I do hope things are strong on the ground too. Biggest opportunity is our young population; hope we can create enough jobs for them. Let's hope and pray we can do it. Jai Hind.
I have to admit that your articles do make one more and more proud of India's achievements. Every week can aptly be titled India's Moment. The upgrading of India's growth projections for this year by the World Bank as well as the validation of India's position vis-a-vis the world is most heartening. That too when most of the world economies are in shambles. Such a scenario would have been unimaginable a few years back and it's a reflection of the way things will be in the future. Whether the other countries love us or hate us, they can no longer ignore us.
Thank you Ranjini. Glad you liked it. Yes, it is indeed remarkable that India is holding up. But, given that India is deeply intertwined with the global economy, this insulation can hold up only for so long. Hopefully, by then the world economy would have begun to recover. Look forward to your continued participation.
A very interesting read, as usual Anil. The positive forecast from external sources is reflected in the rising Sensex and Nifty. As correctly mentioned in the article, India has a huge domestic market and is less affected than other countries, in a global climate of recession and disruption in supply chains of different commodities. The most critical item for the Indian economy is the price for importing oil and other Petroleum products; this area has been favorable for India with the availability of cheaper Russian oil and also falling crude oil prices. Further, both China and Pakistan are busy with their own internal and external problems and India can relax a bit with their defense expenditures. However, although forecasts are based on indicators, actual situations can change with the unforseen and may lead to reworking of forecasts. Very well written, with some points of critical importance. 👏
Thank you for your thoughts. You are absolutely right--there are tonnes of unexpected IEDs that can go off and derail the best intentions. Nobody can guarantee the future. In fact, that is India's challenge. As I explained to Kartik, India is still a WIP. Long way to go. The point here is that its perception in the eyes of the world has changed.
And as I told Niranjan this is probably the moment that Indians have waited for ever. Fingers crossed.
Very informative article with lot of latest statistical information about the social and economic parameters of development.Todays newspaper has given one more positive update about the economy that retail inflation rate has fallen below 6 percent!!
Thank you so much. The big challenge is for India to plod on. Yes, these victories are important, especially given the inclement circumstances facing the world, but the challenges ahead are daunting and needs enormous national resolve to overcome. Needs a mindset reset.
I really liked your 'The Economist' analogy, some years ago, the very naive me believed over the greatness of that magazine, yeah really great editors!!!
Thank you Niranjan. I sincerely hope that this is the pivot that India has been waiting for. On too many occasions earlier it has flattered to disappoint.
I am very unimpressed with GDP references unless we also reference per capita income and income inequality, and human development indices. I would have expected this bare minimum analysis before launching intro tropes of ‘indias moment’, which are a deep sign of our insecurities, not of our confidence. I’m also mildly bemused by the belief that the world bank reports are without any ulterior agenda or motive in themselves.
Thank you for your thoughts. Your points are well taken. But only thing is that this episode was about flagging a pivot in the way the rest of the world perceives India. While this is not the first time, the circumstances today are different.
This does not mean that development challenges do not remain. India just pulled 415 million out of poverty in 16 years ended 2022; just reached electricity to every village; just managed near saturation in toilets etc; and still 50% of India does not get drinking water in a tap--almost all of them are legacy challenges.
The digital backbone--built around digital public goods such as Aadhaar--has enabled India to leapfrog.
Finally, whether World Bank has an ulterior motive to their projections only they would know.
Our stars seem to have aligned. While there is promise, much will depend upon how we execute as Team India. While Sensex is at record high and cities are shining, I do hope things are strong on the ground too. Biggest opportunity is our young population; hope we can create enough jobs for them. Let's hope and pray we can do it. Jai Hind.
Thank you Arvind. Fingers crossed. 😊
Best
Anil
Dear Anil
I have to admit that your articles do make one more and more proud of India's achievements. Every week can aptly be titled India's Moment. The upgrading of India's growth projections for this year by the World Bank as well as the validation of India's position vis-a-vis the world is most heartening. That too when most of the world economies are in shambles. Such a scenario would have been unimaginable a few years back and it's a reflection of the way things will be in the future. Whether the other countries love us or hate us, they can no longer ignore us.
Thank you Ranjini. Glad you liked it. Yes, it is indeed remarkable that India is holding up. But, given that India is deeply intertwined with the global economy, this insulation can hold up only for so long. Hopefully, by then the world economy would have begun to recover. Look forward to your continued participation.
Best
Anil
A very interesting read, as usual Anil. The positive forecast from external sources is reflected in the rising Sensex and Nifty. As correctly mentioned in the article, India has a huge domestic market and is less affected than other countries, in a global climate of recession and disruption in supply chains of different commodities. The most critical item for the Indian economy is the price for importing oil and other Petroleum products; this area has been favorable for India with the availability of cheaper Russian oil and also falling crude oil prices. Further, both China and Pakistan are busy with their own internal and external problems and India can relax a bit with their defense expenditures. However, although forecasts are based on indicators, actual situations can change with the unforseen and may lead to reworking of forecasts. Very well written, with some points of critical importance. 👏
Dear Gautam,
Thank you for your thoughts. You are absolutely right--there are tonnes of unexpected IEDs that can go off and derail the best intentions. Nobody can guarantee the future. In fact, that is India's challenge. As I explained to Kartik, India is still a WIP. Long way to go. The point here is that its perception in the eyes of the world has changed.
And as I told Niranjan this is probably the moment that Indians have waited for ever. Fingers crossed.
Best
Anil
Dear Anil,
Very informative article with lot of latest statistical information about the social and economic parameters of development.Todays newspaper has given one more positive update about the economy that retail inflation rate has fallen below 6 percent!!
Dear Vandana,
Thank you so much. The big challenge is for India to plod on. Yes, these victories are important, especially given the inclement circumstances facing the world, but the challenges ahead are daunting and needs enormous national resolve to overcome. Needs a mindset reset.
Best
Anil
I really liked your 'The Economist' analogy, some years ago, the very naive me believed over the greatness of that magazine, yeah really great editors!!!
Thank you Balasurya.
Best
Anil
like you, i too have been a proud, patriotic Indian, concerned about the future of so many of us.
Now, one can see the winds of true change. positive change. healthy change.
Your article reinforces this even more
Thank you Niranjan. I sincerely hope that this is the pivot that India has been waiting for. On too many occasions earlier it has flattered to disappoint.
Best
Anil
I am very unimpressed with GDP references unless we also reference per capita income and income inequality, and human development indices. I would have expected this bare minimum analysis before launching intro tropes of ‘indias moment’, which are a deep sign of our insecurities, not of our confidence. I’m also mildly bemused by the belief that the world bank reports are without any ulterior agenda or motive in themselves.
Dear Kartik,
Thank you for your thoughts. Your points are well taken. But only thing is that this episode was about flagging a pivot in the way the rest of the world perceives India. While this is not the first time, the circumstances today are different.
This does not mean that development challenges do not remain. India just pulled 415 million out of poverty in 16 years ended 2022; just reached electricity to every village; just managed near saturation in toilets etc; and still 50% of India does not get drinking water in a tap--almost all of them are legacy challenges.
The digital backbone--built around digital public goods such as Aadhaar--has enabled India to leapfrog.
Finally, whether World Bank has an ulterior motive to their projections only they would know.
Look forward to your continued participation.
Best
Anil