It might sound like a folk lore now when we hear about India's glorious past and in particular the economic might it commanded over the world. It is believed that in early 18th century and 17th century India accounted for nearly 35% of the world GDP much more than the substantial 16% America accounts for today. Volumes have been written about our wealth and some historical travelers compared it to the legendary eldorado.
From our glorious past we were subjected to a sequence of incomparable exploitation. When our wealth, pride and glory was systematically eroded and fed to the colonial masters. The colonial rule acted as a sponge draining all our wealth from the Ganga and depositing on the banks of Thames. We had centuries of exploitative regimes which plundered us and left us in abject poverty. An imperial dominant fought wars and expanded colonies world over with our wealth.
The first four decades of our independence was subjected to a controlled regime of economic socialism, when our erstwhile rulers were drawn to the glamour of pro USSR economic models of developments. We improvised by gifting the world with the five year plan model of planned controlled development. We concentrated so much on heavy industries, big dams etc. and left out vital needs like infrastructure, inclusive growth strategies eradicating poverty, unemployment etc.
When our economy was on the verge of collapse due to trade imbalances, short lived unplanned economic endeavors, we were forced to open up our economy under the legendary stewardship of Mr. Manmohan Singh. The irony is that the socialist china had opened it's market to foreign players two decades prior to us, for them the colour of the cat was not important, only whether it catches the mouse made sense.
the last two decades of economic independence ( i would call 1991 was our economic independence from an authoritative state control) have shown wonders in our country. Unlike the other doom mongers ridiculing all things associated with new economic policy, i would call it as a big step forward. the progress that we have made in major social indicators like poverty, literacy, IMR, MMR etc have been majorly influenced by this open up.
The last 2 years have been the most glorious so far in our economic history. When the world economies tumbled like a house of play cards, we stood our ground and graciously grew at a remarkably robust 7 % averagely. When the economic superpowers were shocked with the onslaught of never ending economic crisis, we were comfortably advocating and implementing ground breaking welfare policies like NREGA, Right to food bill etc.
The British are rightly justified in discontinuing the yearly economic assistance provided to us on the ground that a country embarking on ultra modern space missions and touted as the largest consumer of weaponry no longer needs assistance. I consider this as a gesture of acceptance. on rising to the global platform of economic super powers.
To add more glory to our prominence our supremo is being respected world over for his economic acumen, his fiscal prudence and above all the grace with which he handles himself. An amusing anecdote mentions an international journalist comparing his knowledge on economics with the rest of the leaders combined at the G20 and still he would outsmart them by far. And recently when Obama mentioned that " when Manmohan sing Speaks the whole world listens" it was a moment of pride for the entire nation.
Our mighty corporate behemoths comparable in power and size to any global giants have been on a shopping spree off late. Acquiring whatever was on sale, i would call is a case of reverse imperialism. Ironically our historical exploiter the English East India Company was recently acquired by an Indian. The popular attitude among our corporates has been, "name your price we will buy it " for some time now.
Economic crisis can have such adverse affects that countries like Britain resorting to extreme acts of diplomatic sycophancy to improve bilateral relationships. What else would you call the recent visit of a British premier. I think we have to get used to this adulation, this constant recognition as a shrewd and prudent economic power house.
And finally with a new global symbol to our national currency to enter the elite club of Dollar, Pound, Euro and Yen. We have given a face to our might, a voice to our hopes and an identity to the billion dreams in our nation.
Tc
addendum: i know it was too much in favor of the brighter side of life ignoring all that is wrong in our country, next post will be dedicated to the darker side of the story.
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