The Last Decade has been the best for Indian economy. Per capita GDP has more than doubled from Rs 15,625 in 2000 to Rs 37,490 in 2009; Foreign Reserves have risen nine-fold from $ 34 billion to $286 billion in the same period; Outbound FDI rose from $750 million in 200-01 to $16.7 billion in 2007-08 with global acquisition from $10 million to $12 billion; Tax mop-up trebled; the Bombay Stock Exchange’s market capitalization has soared from $184 billion to over $1.2 trillion; investment’s contribution to GDP overtook consumption’s; industry (20%) overtakes agriculture (17%); Indian households save more than the Chinese; while the GDP reached one trillion mark making redistribution growth increase stupendously possible; number of “middle class” households grew 15 times since 2001. Here are some figures:
Cellular Phones: The number of subscribers that was 1.4 million in 1999 is 488 million in 2009 that is 500-fold rise and makes India number 2. Calls cost roughly Rs 4 a minute in 2000 and as on today calls cost 20 paise a minute.
Property Boom: In March 1999, outstanding housing loans were worth a total of Rs 11,404 crore, but by March 2009, the figure reached over 20-fold to Rs 2.77 lakh crore. Loans to households increased rapidly- from roughly 12 percent in 1999, the share of retail loans in aggregate bank loans went to over 25 percent in 2008.
And Malls: In 1999, India had just four malls in three cities of a total of 1.6 lakh sq feet and but by 2009, the number reached 210 malls in 37 cities with 5.36 crore sq ft.
Indian students in foreign universities: Some 50,000 Indians were studying abroad in 1999; the figure has gone up five-fold to 2.54 lakh in 2009, about 103,000 in US alone.
ATMs: From just 1,280 in 1999, the number of ATMs in India will be going up to almost 50,000 by the end of 2009.
Indians Going Abroad: The number of Indians going abroad for business and pleasure steadily rose from 4.1 million in 1999 to 10.7 million in 2008, and Indians are no more penurious but big spender.
Laptops: According to IDC India, 23,038 notebook PCs were sold in 1999, while almost 22 lakh have been sold in the 12 month-period ending September 2009. Some 19 million Indians have signed on one or the other social networking site, and the estimate about the number of Indians writing blogs may anywhere between 200,000 to 500,000.
Between 2000 and 2009, the price of gold or the fee of IIMs increased manifold. Gold price of 10 gm that was Rs 4,475 has reached Rs 18,000, while the tuition fee at IIM-A has gone up from Rs 1.8 lakh to 12.9 lakh.
But mobile phone that was priced at Rs 10,000 in 2000 is at Rs 3000 with better features. Perhaps similar is the fall in prices of branded PCs, TVs, Air conditioners, and for many such home appliances and services such as airfare and internet.
And the next decade
And the next decade will be better for India. Indian economy will be $3 trillion in just 10 years.According to several projections, India will overtake China as the world’s fastest growing economy by 2020, and be the world’s third largest economy by 2025. According to another prediction, the number of households earning Rs 200,000 to Rs 1 million a year will have risen to 583 million from the current 50 million.
Interestingly but, at the end of the decade, I buy both a kilogram of moog dal and a litre of refined oil Saffola Gold at the same price of Rs 110. I never dreamt this to happen. Is it man-made providential of due to globalization?
And because of poor execution of the projects, and so even with trillion-dollar economy India is the one of the most illiterate and malnourished nation with some 100 million families without water at home, and over 150 million households without electricity. Will the next decade wipe out the poverty from India?
And Read The Decade that was India’s
Calling it ‘The Decade That Was India’s’, Wall Street Journal. a leading US daily says India’s ability to make the success of the last 10 years the norm across regions and industries, ‘could well pave the way for an Indian century.'</