India booming economy

Mariam Ahmad

Dr. Stephen

Soc 202


CURRENT EVENT 3


India is booming into an economy which doesn’t have to rely on economic advancement such


as telephone call centers an computer programers.


In Hazira, in northwestern India, where most resident reside on camels to carry traders goods,


the Essar Group is making steel to be used for ventilation shafts in Philadelphia, high rise structural


beams in Chicago and car engines mounting in Detroit.


For many decades now, India has followed a different economic route than countries like


Japan, South Korea and China. India focused more on its domestic economy and grew more


slowly with an emphasis on services.


India’s annual growth in manufacturing output, at 9 percent and accelerating. Exports of


manufactured goods to the United States are now rising at a faster in percentage terms than China’s


although at a smaller base. More than 2/3 of foreign investments last year has gone into India’s


manufacturing threshold.


A prime reason why India is now developing into the worlds next big industrial power is


that a number of global manufactures are already looking ahead to serious demographic squeeze


facing China. Because of China’s “one child” policy, family sizes have been shrinking there since


the 1980s.


India’s young population will also make it huge and growing market for years to come,


while the engineering skills and English skills of its educated elite will make it competitive across


a wide range of industries.

General Motors and Motorola are preparing to build plants in western and southern


India. Posco of South Korea and Mittal Steel of the Netherlands have each announced plans


to erect giant steel mills in India, where Relaince of India will soon construct one of the world’s


largest coal fired power plants.


They are finding India’s labor force well suited for their goals. When LG set out in 2005


to fill 458 assembly line jobs at its factory here starting 90$ a month.


After reading this article I feel India is heading into the right direction with its economic


status. It is bringing a huge change in India, in population sector as well as economic sector.


What matters the most is that jobs are being created in a country where people have opportunities


to make a living for themselves, instead of having the old life. India is becoming an industrial super


power.





Works Cited


http://www.nytimes.com/2006/09/01/business/worldbusiness/01rupee.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1157213250-kGFqppZkxyB/sMQKZnohGw