INDIA ON THE MOVE

India on the move

India on the Move

Overview

The article “India on the move” is written by Richard H.K. Vietor according to the writer the article describes the successful strategies of Indian Government that have taken it to the ultimate path of development by controlling poverty and by building its great resources base.

Summary

In this article the writer has first described a brief introduction of India as A country by briefing about its area i.e. 3.3 million square kilometers. There are seven major ports along India's coastline and serve Indian Ocean trade routes.

About the demography of India the writer describes that India is growing at 1.5% rate and it population has reached 1.05 billion in 2002. (Vietor 2000 , pp 99-189) India's population is highly dependent on agriculture 72% of India population was dependent on agriculture. But lack of monsoons in 2002 threatened agriculture and economic growth. World Bank estimated that 36% of world's poor lived in India in 2001. A total of 44% of Indian population were poor. India was then forced to take aid from IMF and was granted loans but only on the condition that India begins making major economic reforms consistent with recently nicknamed Washington Consensus policies (Vietor 2007 pp 1-15).

According to the author under the leadership of Rao and Man Mohan Singh India embarked a plan of gradual liberalization towards more market oriented economy. The primary goals of the reforms were reducing government bureaucracy while stabilizing country's macro economic balance. In an effort of moving toward competition oriented market economy Indian government removed all import and capacity licensing restrictions by restricting subsidies and tariffs were simplified and lowered. And to open financial sector the government made allowances for private banks and a limited number of foreign bank branches (Vietor 2007 pp 1-15). Approved financial ...