Depite Global Slowdown India to Post 8% Growth: Manmohan Singh Says

[Mimosa]

Source: The Times of India

NEW DELHI: Prime Minister Manmohan Singh has said the country will achieve an economic growth rate of close to eight per cent in the current financial year but will have to deal with high inflation in the short-term.

"The fundamentals of our economy remain strong. Despite the global slowdown, we will still achieve a growth rate of close to eight per cent this year," the Prime Minister said while addressing the Combined Commanders Conference of the Indian Armed Forces here on Tuesday.

The economic growth in April-June period slowed to 7.7 per cent, the slowest in six quarters. The Reserve Bank of India (RBI) has already revised downwards its growth forecast for the country to eight per cent in 2011-12, from 8.5 per cent GDP growth in the previous fiscal.

The central bank had also said that inflation would act as a dampener.

Read more: http://timesofindia.indiatimes.com/india/Despite-global-slowdown-India-to-post-8-growth-Manmohan-Singh/articleshow/10317299.cms

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I wish we in the US could be confronting the challenges of economic growth instead of economic decline. :(

[DaveJ]

1. I wonder how much we send to India

I'd like to know how much U.S. companies spend on Indian outsourcing. Money that would otherwise stay in the country.

[Starbucks Anarchist]

3. It's nowhere near enough to account for their prosperity.

[DaveJ]

4. About 800,000 American Jobs. Hmm.

I read we send about 50 billion for IT projects alone, or the equivalent of 800,000 jobs at $60k apiece.

Nice going India! I do not begrudge them. I'm sure they really appreciate us as customers.

[liberation]

5. "I do not begrudge them."

Jeez, I hate to see how it must be when you begrudge someone.

India has over 1 billion citizen, that's over 3 times our population. We're not the only economic engine of the world, and other people's prosperity is not necessarily based on our demise. Perhaps we project too much of our own MO on to others?

[DaveJ]

7. Oh, ok, time to hate on DaveJ now, for no reason.....

I guess I should just crawl into some hole now, and act inferior when I did nothing wrong, just pointed out that the money for 800,000 potential American jobs is sent to India every year. It is a phrase that cannot be uttered apparently. I just have a different mindset, one that likes to face reality, deal with it instead of ignoring it. I guess that cannot be said.

And I do not even know what you mean my "project my MO on others". What does that mean?

BTW, there are a lot of folks who do begrudge the situation, people who say that keeping our resources in our own country is patriotic.

I do not begrudge anyone, BTW. Begrudging is totally useless. Sure there are people who have things they never earned, people who have opportunities and show no appreciation for them, people who have had advantages that others did not have, etc. Can I not ever mention that either? Ok, everyone is exactly the same like cattle. Is that what I need to think from now on? We are all cattle. Great.

I guess I have to spell it all out like I'm writing a kindergarten book and say that this is a good rationale for increasing H-1B visas. I'm sure you would be with me on that right?

[Starbucks Anarchist]

6. India has 1.2 billion people.

800,000 out of 1.2 billion is... well, you do the math.

The real reasons for India's economic progress lie in the 1991 reforms instituted by then finance minister (and current Prime Minister) Manmohan Singh.

http://en.wikipedia.org/wiki/Manmohan_Singh#Finance_Minister_of_India

[DaveJ]

8. That is very interesting.

I think it is yet to be seen whether there situation constitutes progress, especially if their society is based on a caste system like ours is.

[Fool Count]

9. Prosperity? India is one of the poorest countries in the world.

Most of the fruits of this robust growth go the ridiculously insignificant fraction of the population. Kinda like in the US.

[Starbucks Anarchist]

10. Wrong.

India has the 4th-highest GDP in the world and is ranked 9th on the PPP scale.

Clearly, there are still economic inequalities there, but it's made major strides within the last 20 years.

[Fool Count]

13. Wrong. 4-th highest GDP means nothing for a country with 1.2 billion population.

By GDP per capita India is in the 129th place. And that's on PPP scale. It is even worse in absolute numbers (133th).
And that's after it made major strides in the last 20 years. It still remains one of the poorest countries in the
World with widespread illiteracy, deceases and malnutrition, with significant portion of its population living without
access to electricity, running water and adequate sanitation. In Asia only Pakistan. Bangladesh and Burma fare worse
than India in per capita GDP. That's some "prosperity".

[pampango]

11. Their income equality is actually better than ours. Their gini is 37 closer to Canada and the EU

(32 and 31, respectively) than they are to our horrendous 45.

India's per capita GDP (PPP) has gone from $883 in 1990 to $3,408 in 2010. It is still a poor country but they are headed in the right direction. People there have rising incomes and those higher incomes are shared more equitably than in many other countries.

http://www.indexmundi.com/india/gdp_per_capita_%28ppp%29.html
http://en.wikipedia.org/wiki/List_of_countries_by_income_equality

[Mimosa]

12. All we have to do is stroll thru WalMart, Marshalls and other stores.

A good 1/3rd of most soft goods -like textiles- we buy are made in India.

[JI7]

2. they still have a huge Gap in Wealth , there are a large number of people

who are not getting any of the gains. and there is a lot of corruption.

but i wonder if some of the new laws and things meant to humiliate wealthy is helping. like how they were banging on drums outside of wealthy people's homes who don't pay taxes.