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Two decades ago, India opened up its tightly regulated economy, unleashing1 a wave of reforms that transformed the country and put it in the league of the world's fastest growing economies. But many consider the job only partially2 complete and say the South Asian country needs to bridge the gap between a prosperous middle class and the millions of people who still grapple with poverty.
Dramatic shift
Rajeev Nanda, a software professional, was among a wave of young people who migrated to the United States in the 1980s, because of a lack of job opportunities at home. In 2001, a decade after India opened its socialist-style economy, he returned to establish an office in Bangalore for the U.S.-based company that employed him.
Nanda found a country dramatically different from the one he had left 12 years before.
“When we went, it was a one-way ticket [to the U.S.," explained Nanda. "Then the economy opened up. The opportunities created a different mindset. Suddenly there was a lot of hope and lot of excitement in the air.”
The liberalization drive launched in 1991 came at a time when India was confronting a crisis. It was on the verge4 of defaulting on its international debt.
Prime Minister Manmohan Singh - then the country’s finance minister - lifted restrictions5 on foreign investors6, relaxed stifling7 controls on domestic industry and slashed8 taxes.
The results were soon evident. India’s economy became the world’s second fastest-growing economy, after China. Led by a thriving information-technology sector9, the services sector boomed. Manufacturing industries expanded. Exports flourished. A huge middle class emerged.
Economic boom
The head of the Federation10 of Indian Chambers11 of Commerce and Industry, Rajiv Kumar, says the unshackling of the private sector created the economic boom.
“The most important thing in my view is to have freed the Indian entrepreneurial spirit, which is its traditional strength. It had been chained and caged prior to 1991 in the ideology12 of central planning and socialism etc,” Kumar said.
But, 20 years later, analysts13 say India’s economic revolution is only partially complete. And, some people worry that it is running out of steam.
For years, investors have waited for a second wave of reforms to open up sectors14 which are still tightly regulated, such as retail15 and insurance. Businesses grapple with lack of infrastructure16, as everything from power generation to the transportation network falls short. Several Indian companies are investing overseas, rather than at home where they are deterred17 by problems such as acquiring land for factories.
Unequal growth
But economists19 say even more pressing is the problem of unequal growth. While one half of the country prospers20, the other half continues to grapple with poverty. In the cities, swank, gated residential21 complexes and gleaming shopping malls contrast with sprawling22 urban slums.
Poverty is rampant23 in many backward, rural regions. A little more than 40 percent of the people - about 450 million - live on less than $2 a day.
Top Indian officials are confident the problem can be addressed by even faster growth. Among them is Home Minister P. Chidambaram, who was formerly24 finance minister.
“Our biggest failure is that the pace of reduction of poverty has not been fast enough, that the growth of employment has not been fast enough," Chidambaram said. "The pace of reduction of poverty must pick up and that can only happen if growth averages over eight percent and is sustained at nine percent for several years.”
But there are worries that brisk economic growth may not be enough to address problems such as lack of access to schooling25 and health care for millions of Indians. Rates of malnourishment and infant mortality are among the worst in the world. Millions of children are still unschooled.
Effective governance
“It is not enough to say there is some economic growth. I mean what is the condition of your schools? What is the condition of your public health? What is the condition of government services in general? That is the biggest problem that is crying out,” noted26 Aiyar.
Analysts also say that, in the past year, economic issues have been put on the back burner as the government focuses its energies on fighting allegations of huge official corruption27. They say this has led to a policy paralysis28 in the government.
New focus
Minister Chidambaram says the country needs to put the focus back on the economy to realize its full potential.
“The center stage must once again be restored to growth, to change, to reforms, better governance. So the blips you see today in declining investment or more foreign outward investment, all these can be resolved…..and then outpace even China, that’s not impossible, people are beginning to talk about outpacing China,” Chidambaram said.
Rajeev Nanda says that, two decades after liberalization, most professionals would rather stay in India than migrate to Western countries.
“In the last few years, I have seen even a reverse, where people do not want to go. They are simply having a better life, better opportunities right here,” Nanda said.
Economists say the challenge in the coming years will be to bridge the gap between the middle class and the poor, so that those living now in urban slums and the countryside can echo the same sentiment.
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1
unleashing
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v.把(感情、力量等)释放出来,发泄( unleash的现在分词 ) | |
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2
partially
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adv.部分地,从某些方面讲 | |
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3
woes
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困境( woe的名词复数 ); 悲伤; 我好苦哇; 某人就要倒霉 | |
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4
verge
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n.边,边缘;v.接近,濒临 | |
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restrictions
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约束( restriction的名词复数 ); 管制; 制约因素; 带限制性的条件(或规则) | |
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investors
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n.投资者,出资者( investor的名词复数 ) | |
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7
stifling
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a.令人窒息的 | |
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8
slashed
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v.挥砍( slash的过去式和过去分词 );鞭打;割破;削减 | |
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sector
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n.部门,部分;防御地段,防区;扇形 | |
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10
federation
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n.同盟,联邦,联合,联盟,联合会 | |
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chambers
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n.房间( chamber的名词复数 );(议会的)议院;卧室;会议厅 | |
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12
ideology
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n.意识形态,(政治或社会的)思想意识 | |
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13
analysts
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分析家,化验员( analyst的名词复数 ) | |
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14
sectors
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n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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15
retail
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v./n.零售;adv.以零售价格 | |
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16
infrastructure
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n.下部构造,下部组织,基础结构,基础设施 | |
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17
deterred
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v.阻止,制止( deter的过去式和过去分词 ) | |
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18
economist
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n.经济学家,经济专家,节俭的人 | |
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economists
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n.经济学家,经济专家( economist的名词复数 ) | |
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20
prospers
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v.成功,兴旺( prosper的第三人称单数 ) | |
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21
residential
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adj.提供住宿的;居住的;住宅的 | |
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22
sprawling
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adj.蔓生的,不规则地伸展的v.伸开四肢坐[躺]( sprawl的现在分词 );蔓延;杂乱无序地拓展;四肢伸展坐着(或躺着) | |
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23
rampant
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adj.(植物)蔓生的;狂暴的,无约束的 | |
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24
formerly
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adv.从前,以前 | |
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25
schooling
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n.教育;正规学校教育 | |
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26
noted
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adj.著名的,知名的 | |
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27
corruption
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n.腐败,堕落,贪污 | |
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28
paralysis
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n.麻痹(症);瘫痪(症) | |
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