Straight from the Specialists
(Any opinions expressed here are those of the author, and not necessarily of Reuters)
Space research in India has come of age in the last five decades and the country is now in the elite club of countries capable of launching satellites for commercial purposes. What made this possible? An environment made conducive by government policy, objectives clearly spelled out, availability of funds, a homegrown talent pool and international tech support. Can a similar strategy work to take the Indian economy and the capital market to stratospheric levels?
The stability of a satellite (read: economy) would depend on how the rocket or carrier (read: enabler, the government) places it in a pre-determined orbit. This would depend on the thrust or the impulse generated by the multi-stage rocket system. The first stage requires more power to push the payload out of the atmosphere against gravity. Successive stages need less power but may need a different design, fuel and technology for delivery and long-term sustenance of the payload.
The Indian economy and the capital market got its initial thrust back in 1992 with the first set of economic reforms following decades of the Nehruvian socialist model. The government (the Congress for the most part) opened up several sectors of the economy for foreign investment — and thus India embraced globalisation.