Bogre Brende, president of the World Economic Forum (WEF), believes that India is facing a snowball effect. This means that India could register the fastest growth this year among world economies. Actually Snowball effect means that due to any one event, many big events happen, which means that the growth rate in the Indian economy will increase, then if there is investment then jobs will increase and thus poverty will decrease.
The WEF is absolutely right that India is currently focusing on productivity with full force. Make in India is making every effort to increase production through MSMEs and Startups. Its results have also started appearing. As the demand in the world’s largest populous country is taking a formidable form, the sufficiency of the product to supply has created such a state of ease in our economy that there is no fighting for anything. India’s dependence on other countries is getting limited be it agriculture sector or defense sector, electronics, engineering or material related to infrastructural development.
As part of the economic strategy, India has also abandoned the tradition of being dependent on a single country for raw materials. Earlier, India had not only increased its dependence on one country due to the greed of cheap raw material from one country, but by reducing the production, more emphasis was given on marketing i.e. Mavrating. Due to this mistake, the tendency of productivity started shrinking in India and the tendency of importation started increasing, as a result of which inflation increased due to lack of proper supply of demand and India’s growth rate was also affected. Inflation plays the role of termites for the economy. India had to spend foreign exchange abroad to buy things ranging from food items to medicines and engineering. But now India has started producing these items in its own country. Not only this, in order to save foreign exchange, India has now started exporting and importing in rupees instead of dollars, which will not only strengthen the rupee, but also reduce the dependence on foreign currency.
The truth is that the way the recession started in Germany these days, it seems that this country with Europe’s largest economy is also going to achieve the speed of Britain soon. In such a situation, India, which has become the fifth largest economy leaving Britain behind, may soon become the fourth economy.
The bottom line is that the World Economic Forum is not the only economic organization that is predicting India to become a fast growing economic superpower, many rating agencies including the World Bank, the International Monetary Fund are also making similar estimates, so certainly the economic This snowball effect of India’s increasing steps in the region will definitely become a topic of discussion. (sp)
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