India is struggling feverishly to secure position in world as economic giant but the growth is very little and only in IT- industry. The country lack Industry which could lead a 1.2 billion poor Indians to economic stability. India is trying now to copy the Chinese model to substantiate vitamins to its fragile economy writes Stephan Wedel Alsman for Danish Newspaper “Politeken”.
A retired economic professor points toward the University where he once taught international economy. “Will you think of that a whole life with world economy, I never had flew in an aeroplane, said Sharm Besni with great disappointment.
The professor himself is witness that India’s economic boom’s benefits have only made way to some elites.
Mr. Professor Sharm Besini adds that when he got retired after a carrier as professor in international economy I earned 250 dollar monthly. Now I survive only by tutoring students; because I have no pension to survive told Professor on a glass of cheep beer.
The Professor adds that now they want to change Bangalore into Shanghai, this is ridiculous! When basal things are not in function, now we don’t even have electricity for all here in the city, said he bitterly.
For hundred metre away India’s riches elites are sipping from their glasses. They do not drink banal beer but expensive cocktails with loosen ties and drowned into luxurious sofas and impressive environment that is prevalent in the Lounge bars but some where else city’s slums dwellers are struggling to earn two or three dollar to keep run their lives to serve these rich elites of India.
A million in IT-industry.
The paramount problem is that India does not have any production of importance that should be worth to mention here.
Currently, Indian’s economy is a service economy and that is a problem, because industrial production is a key to modernization of India or any other country. All Asian economies are developed through production and industry, it sound by economist Omkar Goswami the founder of advisory council GERG. India’s renowned IT- sector has absorbed only a million people out of 1.2 billion strong populations, adds Omkar Goswami.
28% growth rate.
Despite a fantastic growth rate at 28% annually,IT-sector cannot guarantee India’s successful transformation into a modern economy.
Collectively, India has a service sector that room more than 50% economy while production and industry has a share less than 26% per cent, while China’s industry and production make up 50% of its economy. India needs to increase its production to maintain its growth rate, asses Omkar Goswami.
Shortage of production sector has worried Indian Prime Minister Manmohan Singh. Newly in an interview he mentioned his worries regarding imbalance in industrial production and service sector.
Restrictions and corruption has shied many investors away from investing in India which is evident through this contrast that last year China attract 64 billion dollars in investment while India only 5.5 billion dollar. This prospect has forced India to limp restrictions on investments in India industry to attract investors from around the globe.
Mr. Sharm Besni the retired economy professor suspects that and said >> the country has stuck an illusion of vanity (super power) that has driven it crazy. We have a very small group to do computer work for west and we have begun to consider ourselves that we can dictate the world, while our GDB is just four time stronger than of Denmark which has a population of 5.2 million.
With many thanks to Danish Language Newspaper, Daily >>Politken<<
KhalidMbhattiHelsingor.
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