Some Outstanding Aspects of Indian Story

GDP: As reported by the Central Statistical Organisation, the Indian economy grew at a healthy 9.2% in the second quarter of the current fiscal as against the first quarter (April-June), when the gross domestic product (GDP) grew 8.9%. But some are still not happy as though India’s second quarter GDP growth rate is higher than that of Russia and Brazil, it is still lower than China’s, which grew at 10.4%. Many of us are difficult lot. We don’t celebrate the achievements. We try to get into analysis. Can we sustain it? Why is our inflation too high? How can we be happy if the agriculture, which is almost a quarter of economic activity, was so laggard? Is it not great that manufacturing grew at its strongest annual pace since India began publishing quarterly growth rates in 1997? And then the services sector where India has come up in dramatic manner, India is performing excellent. Services are employing maximum number of unemployed and educated youth from the middle class and providing cash in the households to improve the purchasing power.The manufacturing sector, accounting for 15% of GDP, expanded 11.9% over a year earlier. Services grew 10.9% from a year earlier, accelerating from annual growth of 10.6% in the previous period.

Salary Increase: According to the annual Asia-Pacific Salary Increase Survey conducted by Hewitt Associates, a global human resources services company, India’s average salary increase was the highest in the region despite being marginally lower than 14.1 per cent in 2005 (as against 8% in China). And the average overall salary increase for 2007 could be anywhere between 12.3 to 15 per cent. Employees at professional, supervisor, technical level received the highest average increase of 15 per cent and would predictably receive it again next year. Should we bother unnecessarily of a ghost of ‘loss in competitiveness’ of the Indian industry very soon because of the labour cost? What is the fun if the employees don’t get the share and benefited in the process of growth?

PC Sales: In terms of unit shipments, over Q3 2005, the PC sector recorded an impressive growth to exceed the 1.4-million-shipment-mark in a single quarter. The notebook market grew 79% year-on-year in July-August-September (JAS. The consumer notebook PC category witnessed an 18% sequential growth and a 137% year-on-year growth. In terms of total notebook PC shipments, HP retained the top slot with a market share of 41% in JAS 2006. And HCL was the second. Are Indians becoming more computer literate and more dependent on computers to support their living?

Forbes Asia Named Nilekani: A news from Beijing says, ” Forbes Asia named Infosys CEO Nandan Nilekani as “Businessman of the Year” for 2006 for his “nimble” stewardship in keeping the company ahead of peers in the global outsourcing phenomenon.”

And to add to our pleasure, my friend of good old days presently living in Gurgaon adds, ” Gurgaon, the Millenium City will soon enter the skyscraper map of the world. By 2010, it hopes to complete a world class Golden Triangle City Centre (GTCC) in Sector 29 with as many as four tallest buildings in the world- each with 140 floors, taller than Taipei 101 that currently is the highest manmade structure on the planet.” I congratulate him. People, thereafter will see 4-towers on every brochure of India or New Delhi, as we see the twin Towers of Malaysia today. Should India not celebrate?.

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