India is one of the fastest emerging markets in the world. One is not erring on the side of optimism if we say India is an emerging Asian superpower. Some believe we may overtake China in terms of growth rate. Today FIIs are lining up to invest in Indian stock markets. Indian companies are acquiring units abroad, a phenomenon which was unheard of a few years ago. Most of the Indian companies have chalked out massive capital expenditure programme to meet the potential demand. Despite these, some are wondering why all these things are happening so late? Why did they not happen earlier?
All these years we were preaching socialism without actually practicing it. At the same time we have clandestinely allowed capitalism to flourish. Many basic industries were established but at the same time several sectors were reserved for the small scale sector. Bureaucracy was nurtured and it became the surrogate for socialism. Slowly but surely we are realising our past mistakes and moving away from an economy preaching equality of returns to an economy practising equality of opportunities. Today for youngster to succeed legacy of wealth is not needed. Talent, ability and confidence can ensure them success.
Indian policymakers made several mistakes. First, they failed to understand the changing ethos of global business. Second, they lacked pragmatism. There are no panaceas for all economic ills. Today, to succeed in the era of globalisation policy makers need to be flexible, keep experimenting and changing according to the situation. At the same time we at the ground level, too, are partly responsible for the condition in which we are living. Most of us are influenced by a social norm not to submit to authority. This mindset needs to be changed if we want to become an economic superpower.
Optimism prevailing in the country can be compared only with the situation prevailing in the years immediately following independence in 1947. Then also we had a very good chance of giving a big push to the economy. But we failed to live up to the expectations and hopes were belied.
Let us hope that India will not miss the golden opportunity of taking off this time. Let us prove to the world that the celebrated success we achieved in information technology can be emulated elsewhere too. Fortunately, we have a right combination of people at the right place: a scientist heading the nation and a world-renowned economist, ably supported by an intelligent finance minister, heading the government. Let us make full use of their talent.

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