It is unbelievable, yet true that one United States official report has declared India as the fourth powerful nation on earth. The report said India’s position comes after United States, China and European Union. The report cites US only accounts for 22 % of global power followed by China and India. China and India have remained in second and third positions with 12 and 8% respectively. It is a surprising revelation in this report that Japan, Brazil and Russia share only less than 5% of global power. The EU (European Union) as a whole accounts for almost 16% of it.
It is indeed interesting to note that from being a third world nation, our land has emerged as a superpower in every aspect of growth. Our benchmarks of progress in GDP growth, investment in markets, technical achievements, space programs, stock market expansion have made the world wake up and take notice.
Growth of Indian economy -The Indian economy has grown for last three years at 8% per annum, which is among the fastest growing economies in the world. Its growth is more transparent by the emerging new middle class with more purchasing power. There is noticeable growth in exports, employment and foreign investment and GDP (gross domestic product). Moreover now there is low external debt and unlike before coffers are full with the reserves of foreign exchange. Stock market is booming like anything.
Higher GDP growth - GDP (Gross domestic product) shows growth rate of an economy. India remained a closed economy till the liberalization in 1991. Thereafter our FDI (foreign direct investment) increased manifold and as a result GDP reached at an overwhelming figure of 9%. But after the year 2005, due to economic recession, it came down to 5.36%. India has become one of the most favored destinations for outsourcing. It is one of the highest exporters of skilled manpower to different countries. There are different sectors contributing to GDP in India such as agriculture, textile, and manufacturing, Information technology, telecommunication, petroleum etc. Those are primary or agriculture, secondary or manufacturing sector and tertiary or service sector. All of those have shown considerable growth in the recent past.
Indian space program - India launched its space program in the year 1972 with the formation of Space commission and the department of Space advancement in areas of communication, meteorology, resources survey and management, satellite development and launching services. Since then India has made remarkable improvement in this field. Its space capability has not only improved communication system but strengthened its network in meteorological forecasting, advanced disaster warning, search and rescue capability and distance education to remote areas.
Defense and Nuclear potential - India has the fourth largest armed forces in the world, besides being a nuclear power. It has significantly developed its missile program by the introduction of Agni, Prithvi, Sagarika and Dhanus range of missiles capable of carrying nuclear warheads. India’s defense spending has increased by one third in Fiscal year 2009. According to the interim budget presented by the then finance minister on 16th February 2009, India would spend 417 billions in INR for its defense. Besides three main armed forces divided in to Army, Navy and Air force, it has a formidable presence of Para-military forces for its internal security.
Technological achievements - India is now capable of developing its own technology in areas like warfare, communication, agriculture, space and satellite and most noteworthy among all Information technology. Indigenously developed defense war planes and weapons have brought acclaim from the entire world. It is one of the top-ranking countries in the field of basic research. Indian Science has come to be regarded as one of the most powerful tools for growth and development and contributed considerably towards the development of economy. Its Science and technology department plays a key role in developing technologies in all sectors.
Growth of stock market - Indian stock market has shown unprecedented growth in the recent past. Even in the days of recession, index of trading has remained impressive. This market boasts of around 4000 corporate brokers all across the country. International peers and modern market mechanisms have helped Indian stock market to be very progressive. Especially the upper middle class people have a lot of fascination towards investment in stocks.
The participants in the stock market are ever increasing. The volume of transactions has recorded an impressive growth. There is reduction in the transaction costs and thanks to the role of RBI (Reserve Bank of India), the procedure of trading has become transparent, efficient and safe. We have complied with the global standard to maintain level of performance.
The return on investments in the Indian market has been quite assuring from all listed stocks. Private players like Reliance, Infosys, Tata, Jet Airways, Ranbaxy are performing excellently in the bourses. A few public enterprises like ONGC, Indian Oil, BHEL and NTPC are also giving competition to the private firms.
Growth of Indian market- After the economic liberalization in 1990, Indian markets have shown remarkable growth. All the markets are well protected by legal procedures. The liberal and transparent financial policies have brought a lot of direct investments from abroad.
Brazil, Russia, India and China are the fastest growing nations in the world. India has very successfully maintained its third position in attracting investments from foreign countries. The total sum of FDI stood at US $ 127.46 billion from 1991 to 2009.
Sports & Talent discovery -For decades after independence, India performed very marginally in all the sports events throughout the world. But nineties saw a remarkable improvement in Sports and other types of talents competition. From the year 2000 onwards Indian athletes and sports persons have won a lot of world titles. Indian ladies have kept up their impressive performances by winning several beauty contests in the world. Particularly performance of Indians in indoor games like Chess, table tennis is noteworthy.
India is no more a third world country. It is one of the most progressive nations in the world and its growth in all spheres of development shall be distinct by the year 2025.