Abstract
India as an emerging economy is being considered as one of the most important events of the new millennium. Average growth of the Indian Economy had been less than 4% per year after independence to the late 1970s. It started crossing this barrier in 1984, when some steps were taken to reduce the government’s role in regulating the economy. More meaningful developments occurred in 1991, when the Indian government started liberalizing its economy. During the past five years, the Indian Economy has consistently grown at an average annual rate of 8%. Per capita Gross Domestic Income (GDI) stands at US$ 1,021 in year 2007- 08. Rate of growth in manufacturing has achieved an average of 9.14% during the last five years. Construction has surpassed even manufacturing sector with its average annual growth rate of 13.24%. Business in nearly all sectors of the economy has been flourishing, though agriculture and the related sectors are still lagging behind. Economic performance of India is being celebrated by over-enthusiastic media and the general public, both within the country and abroad. Some economic pundits are forecasting Indian economy to surpass even of United States in terms of purchasing power by 2025. All these positive developments on the economic front have given new confidence to political leadership to lobby for allotment of a permanent seat in UN Security Council. Midst all this hype
Javed Iqbal Shah. (2009) Economic Prowess of India – Reality or Hype?, Journal of Managerial Sciences, Volume 3, Issue 1.
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