|
Previous
Page - 2
What does a strong Indian Economy mean to World Economy?
It is the need of the hour. The world is now swiftly entering into another kind of Cold War and is again heading towards a bi-polar world order. Of course, this polarity is not
for the political supremacy but for economic prowess. The poles are American interest and Euro Zone emergence. The fight is getting lethal day-by-day, and is taking its toll on world's financial and monitory stability.
So Where does India Fit into this Neo World Order?
The role is going to be same as we did for political bi-polarity of last century. A new non-align movement is in the making and India, along with China and other emerging economies, is going to champion that cause again, albeit subconsciously, because the clash of interests even in this so-called third economic world is vital.
This third front in global economy is apparent from the unison of these emerging economies in world trade talks like Doha, Qatar and Montreal, where G-20 has clearly defined a new world order not being driven by US might or Euro ambitions.
In this new order, India can play a most crucial role, even far more crucial than China, the new superstar.
Competitive Advantages of India Over China
Democracy: It brings with it long-term stability in policies, strategies and polity along with greater faith among market participants about robustness of the system. It will need just one weakness on the part of China's communist strategists (the Chinese think-tanks) to collapse the entire economical eco-system. One single step, in the wrong direction, and Chinese economy would be in rashes. Even now, the Chinese economy is full of criticalities and there seems to be so many hidden bubbles in the economy, those that can give potential bust and burnt to Chinese economic system.
Contrary to that, India poses one of the most robust and stable growth opportunity in terms of longevity and inherent strength. Its comparatively slower growth and tortoise steps seem to be very cautious and long-term perspectives.
Next
* Contributed by: -
Prem Kumar (Finance) & Manvendra Pratap Singh (Marketing),
ICFAI Business School, Hyderabad.
|
E-mail this Article