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So is India really shining, ponders The Economist
By siliconindia staff writer
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Wednesday, 25 February 2004, 20:30 IST
NEW DELHI: India is not yet "shining", mainly due to widening fiscal deficit and rising unemployment, The Economist magazine has said.
"Not yet," argues the magazine's 'India Survey' that delved into India's current outlook, foreign policy, political and the economic situation.
The concern areas -- unemployment, widening fiscal deficit, under-investment, widening polarisation between the rich and poor parts of the country -- continue to drag the economy downwards, the survey said.
After examining some feel good factors, the survey said strong recent economic growth, demographic growth and the outsourcing boom were seen as key factors contributing to the feeling of buoyancy.
"This indeed is a moment of shining economic opportunity for India and if Atal Bihari Vajpayee's BJP succeeds in leading its coalition to another election victory, it should be better placed to take advantage of it and pursue necessary reforms, than has been any Government in recent years," it said.
India faced a uniquely favourable domestic and global environment to make the policy reforms needed to take the country to its next rung of development, the survey said.