Emerging Economic Scenario in IndiaMohammad Saif Ahmad*
Western Institute of Technology, Melbourne, Australia
- *Corresponding Author:
- Mohammad Saif Ahmad
Trainer and Assessor
Western Institute of Technology
E-mail: [email protected]
Received date: January 13, 2013; Accepted date: November 05, 2014; Published date: November 15, 2014
Citation: Mohammad Saif Ahmad (2014) Emerging Economic Scenario in India. Int J Econ and Manage Sci 3:198. doi:10.4172/2162-6359.1000198
Copyright: © 2014 Mohammad Saif Ahmad. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
Change is one of the basic characteristics of nature itself. Peoples, organizations, nations and their socioeconomic and political philosophies have been constantly changing. India, after experiencing abject poverty under foreign yoke, adopted, after independence, socialist pattern of development that led to tremendous achievements in different fields until the dismemberment of the erstwhile USSR. Thereupon, the process of LPG (liberalization, privatization and globalization) started everywhere in one form or the other. The 1990’s and first decade of the 21st century witnessed overall global prosperity. India achieved remarkable progress during the period but suffered from complacency and oversized confidence as many countries made much more commendable progress on a number of socio-economic fronts compared to India. A number of books were written on Indian economic potential during the period and the authors, in their over-enthusiasm, depicted India as the imminent economic superpower. During the last five years, particularly after 2008, overconfidence has given way to more sensible and reasonable understanding of the difficulties that still lie ahead for India to harness its full potential.