Jim O’Neill, who coined the term BRICs to highlight emerging economic powerhouses Brazil, Russia, India and China, said India’s budget lacked a “wow” factor but was good enough to push the country on a path of 8 percent growth or more “for a long time”.
In the history of India’s economic reforms, rhetoric has often proved to be a stronger force than substance. Scrutinizing The Indian Growth Story, a facile phrase casually tossed about by newsmakers and newswriters, reveals that. Historians, however, have documented the liberalization of the economy in 1991 — the pole around which the Story spins — furtively. A good chunk of Mihir S Sharma’s gripping first book, Restart, delves into the events of that hot summer of 1991: the colicking infancy of a reformist India and how a missed opportunity and internalised mistakes have plagued the economic agenda ever since.
from Global Investing:
Jim O'Neill, the Goldman Sachs banker who coined the term BRICs to capture the fast-growing emerging-markets quartet of Brazil, Russia, India and China, has fingered India as the BRIC that has disappointed the most over the past decade in terms of reforms, FDI and productivity. New Delhi's latest decision to put on hold a landmark reform of its retail sector will only confirm this view.
When the British were finally expelled from India in 1947, driven out of a country scarred by decades of imperialist rule, they left at least one parting gift: a linguistic legacy that has formed a crucial ingredient in the country’s economic miracle.
India is the world’s fifth most powerful country, according to a New Delhi-authored national security document, the Times of India reported on Wednesday, as Indian analysts placed the emerging nation above major European powers.
India’s complex diplomacy with China became further muddled on Friday as the chief of the Indian army categorically denied any troop build-up on either side of the Asian giants’ shared border in response to recent reports of Chinese military incursions into Indian territory.
New Delhi’s flat-out denial of the most recent reports by state authorities of Chinese military incursions across its border with India in Jammu and Kashmir may show a tendency to gloss over such seemingly insignificant events — in favour of bigger strategic and trade interests — that the media appears to ignore.
For the first time in half a century, India plans to let foreigners visit all of its troubled north east without special permits, opening up the picturesque region that New Delhi hopes will be its gateway to Southeast Asia, local media have reported.
Aung San Suu Kyi, the Myanmarese pro-democracy leader who was released from seven years of continuous house detention on Nov 13, used her first interview with an Indian media organisation to criticise the world’s largest democracy for its foreign policy towards the military junta-ruled nation.