Dr. APJ Abdul Kalam

Last decade was one of the most exciting in terms of economic point of view for democratic India. It was a decade of all around economic growth.

The phenomenal points to be mentioned are: GDP crossing 9%, by clocking 9.3% in 2007, service sector grabbing more than 50% share in GDP, IT creating millions of jobs, FDI investment crossing over 20 bn. in a year, and last but not the least India managed to maintain its growth even when the world was trembling down under economic recession.

Growth was tremendous but not due to our bold strategic decisions or vision, but it was a default growth a kind of reactive one, because what we did was simply opened our economy (anyways we had no other choice) and removed the inefficiency in the economic system and therefore the growth we have was the plane reaction of it.

Now in this new decade the reactive effects of last decade will slowly evaporate and from here on to have a sustainable high long-term growth rate we have to really work hard and sweat out in the field.

With this new decade India embarks on a journey to achieve a double digit growth rate but on its way stands a three- headed monster, threatens to take us in its grip and this monster is just the old one in new form. The first one being the out of control inflation second is the systematic corruption and third the most deadly of all is the burned out spirit towards reform at political helm.

Well this demon is surely taking the gas out of our growth story. And this is the time for real test of our economic decision makers, so will they take bold strategic decisions to tackle this monster which has been haunting India for last 60 years or we will they go by the “as wind blow us” kind of policy.

To achieve double digit growth we have to not only tackle these problems but also decide on the growth drivers which will help our economy to achieve the required rate. For East Asia it was Exports, but India will have to come up with its own model it cannot copy the East Asian model of growth.