Heck of a time for sure. I have to make cuts in almost everything, right from the broadband plan I choose to the kind of outdoor expenses. Albeit it has taught me to be more wise and frugal on my spending. I guess on a warm Sunday morning I have no other point to think off or blog down. Analysis after analysis, we have seen all the self prophecised economists and a few outstanding ones predict or try to guess the economic revival. Different views, different timelines and obviously different set of hypothesis. To me, a commoner, we would be seeing a Great Economic Recovery in the years, if not months, to come. It is true that the the entire global economy slided together into recession, but they all are not going to resuscitate together or at the same rate.
We have had the US and EU led consumption driving the world economy till a year back. Asian and other countries were more into savings and acting as a low cost manufacturing hub. In the time to come, my belief is that we would start spending more and US and EU would start saving more. The reason for this is multithrong. Countries such as India and China are slowly replacing the western biggies as a major market for high end goods and services. In the automobile sector, companies like Tata Motor and FAW will become major players. The presence of big forging companies in India would help the cause too. With rising per capita incomes and surge in the youth population, goods such as autos and luxury items would be in great demand. In sectors such as healthcare and generic drugs, we are already proving a major and cheap alternative for everyone around the world. India is expected to maintain its lead in the IT and ITES industries at least for a decade or more. The reason for this is the increasing demand for research spending in the universities and corporations. The west in the meantime would get into a more saving mode just as we were. With an ageing world and reverse ageing India there are all the more reasons to believe that we would recover to a much greater than many others.
China, with its fast paced growth has become a great player. That has got much to do with its die hard ambition of becoming a true superpower. India amidst all its hooplah and challenges, is a self correcting and self sustaining economy. Whatever the equation might be today, there would be a time when we would catch up with or even surpass China. That might not be in the coming three decades but it could happen. I hope, at least now, we start taking our population as an asset. For, that is what is going to set us apart and take us to a formidable position in the world economy.
Earn more and spend more is what is going to define us and hence the world in the time to come.
