AGAINST THE MOTION
(5th may, 2010)
19 years from today, when the finance minister of a country introduced a new economic policy in the nation, and talked about integrating the country's economy with the worl'd and taking it to new heights, cynics laughed. Today, the same country has achieved the 11th largest, and 9th fastest growing economy in the world, and has been projected to soon enter the ratified domain of double digit economic growth by economists worldwide. Friends, the minister's name was Dr. Manmohan Singh, and the country is India.
Are my worthy opponents trying to claim that the predictions made by the prestigious institutions worlwide baseless?What's their explanation to the positive trends being observed in the Indian economy?Cynics would call it dumb luck; I call it change, progress and a promise.
The fact that the Indian economy is poised for groth is indusputable. The Indian economy is stable, sound, functioning and brilliant, which became evident during the recent recession. India was one the fastest economies to recover, its baking system remained relatively insultated from the repurcussions, and the GDP fell to only 6.4 %, while banks collapsed worlwide and the GDPs fell dramatically worlwide. This is because of a high CR ratio maintained in the banks of India, which ensures stability and prevents the possibilty of further fluctuations in the economy in the future, which is amaxing.
The ever increasing population of the country, which my opponents regard as a burden, will actually prove to be an asset in the future, as it will account for nearly half of the workforce of the world. What's even better is the fact that our workforce is english-speaking and cost-effective, thus making it an deal destination for outsourcing and globalization.
Since my opponents have voiced concerns about the fiscl deficits prevailing in the country, let me enlighten you that according to a law passed by the Parliament In 2004, it is mandatory for the govt. to reduce these deficits at the rate of 0.5 % per year, which is pretty good.
My opponents have further cribbed about the lack of infrastructure,corruption, poverty duh duh duh. Well, I have an answer to all your queries, so chill.
Its true that infrasturcture is crucial for any country's development, which is why in the budget 2010-11., 46% allocations have been made only for infrastrucutre development.
Coming down to the charges against the infamous corruption prevailing in India, first of all friends, like it or not, corruption is sometihng that's present all over the world, not just in India. However, since the introsuction of the RTI act in 2005, which has opened up avenues to redress the grievances of the citizens, there has been a substantial fall in the corruption olevels of the country, and India has moved to 84th rank in the global corruption chart, as per a report given by Transparence International (TI).
Coming to the so-called "dark side of development and the risk of it triggering poverty, lemme tell u that economists love to argue that development is actually the best antidote to poverty!Moreover, the progressive taxation policies of the govt. and the 'trickle down effect' due to development will ensure a rise in the economic standards of the deprived.
Finally ,in the context of India's development, I would just like to quote what poet shelley said namely "We look before and after, and pine for what is not." The time has come to stop cribbing and cying and pining and giving up and only only looking at th shortcomings of the Indian economy . Instead, we should put in all our efforts to fine tune it, believe in our efforts, and finally friends,
don't just dare to dream..dare to dream big.
:)
Interjector : How can you say that the Indian economy is stable?
me : : As I already said, during the recession, India's economy fell by only 2.4 %, i.e. it did not fall below 6.4 % -
Interjector: no, it wasn't-
me : It WAS 6.4 %
(Interjector keeps shaking his head and is about to protest when he is reminded that interjectors aren't allowed to cross Q. So he smiles and sits down.)
me: It was 6.4%, while in countries like UK, it even reached negative figues . Also, none of the banks in India collapsed..this was because of the high CR raito maintained in banks , when we withdraw loans uno! aAnd it WAS 6.4 % (secretly praying that it was so :P )
I dunno what went wrong, but I didn't win anything :( :(..what were thoz judges thinking...giving away al prizes to thoz...thoz .. ________..
:P
bt my sincere thnx to aashti, sarthak, armaan, n all thoz who wasted their tym and energy on me :(...esp. sarthak.
(hope that u r happy now)
and ya- India rox!so cynics, get a lyf!
