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Indian Economy: Growth -3

<b>Table 1 : India’s External Debt Outstanding - In US Dollars Billions</b>

<b>At end of March 2006.………138.133</b>

At end of June 2006.………......145.019

At end of September 2006.....150.622

At end of December 2006..…..160.392

<b>At end of March 2007.……….169.669 Year on Year Increase US Dollars 31.536 Billion</b>

At end of June 2007.………....…180.179

At end of September 2007.....193.193

At end of December 2007.…...204.472

<b>At end of March 2008.……….221.212 Year on Year Increase US Dollars 51.543 Billion</b>

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<b>1. India’s Foreign Exchange Reserves (Year-End) in US Dollars Billions</b>

2005-06 151.622

2006-07 199.179

2007-08 309.723

<b>2. India's Balance of Payments Developments during Fourth Quarter of 2007-08 (i.e., January-March 2008) and April-March 2007-08</b>

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<b>Report on India’s Foreign Exchange Reserves as at end March 2008</b>

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The India-US nuclear deal will give huge technological advantage to Indian nuclear energy industry, and thereby lead to efficient and cheaper power production in the country, said an industry forum leader here Tuesday.

"The go-ahead to the nuclear deal will trigger the participation of some 200-odd companies that already have the capability to operate, and maintain nuclear plants," said Amit Mitra, secretary general of Federation of Indian Chambers of Commerce and Industry (FICCI).

[center]<b><span style='font-size:14pt;line-height:100%'>Companies from Dubai, Hong Kong, China, Pakistan may be barred from port projects</span></b> <!--emo&:clapping--><img src='style_emoticons/<#EMO_DIR#>/clap.gif' border='0' style='vertical-align:middle' alt='clap.gif' /><!--endemo-->[/center]

<b>NEW DELHI : <span style='color:red'>The government has decided to ban all companies from Dubai, Hong Kong, China and Pakistan from investing in port infrastructure projects in the country. Consequently, the ports and shipping ministry will reopen bids for at least 10 port projects. </span></b>

Although FDI proposals from these countries have been rejected earlier on a case-to-case basis, the government is now introducing a blanket ban on companies from these countries at the bidding stage itself. The country-specific ban will be introduced as part of the international bidding document. The move will impact investment plans of major port development companies like DP World and Hutchison in India.

Based on security threats to Indian naval bases, private players from Dubai, China, Hong Kong and Pakistan will no longer be permitted to invest in over 250 ports being developed on a public-private-partnership model in the country. According to government sources, this will be applicable for all facilities, including cargo handling, ground handling and other services, apart from infrastructure development. A joint decision to this effect has been taken by the ministries of defence, home affairs and shipping and department of industrial policy and promotion.

“The government allows 100 per cent FDI for port development, but there are about four countries that may not get the green signal from security agencies in the future. Since most of the ports are next to naval bases, it is possible for foreign companies to gather vital information on the day-to-day activities of Indian naval bases,” the official said.

This seems to have already taken shape in the case of the Ennore Port container terminal bids. Despite its expertise, DP World was surprisingly left out of the six shortlisted companies for the development of the terminal, which may have been due to security-related issues and Ennore’s proximity to major naval bases along the east coast.

The government currently allows 100 per cent FDI in port development. “Under the national maritime development policy, the government has invited investment worth Rs 34,000 crore from private players, 90 per cent of which is expected to come from FDI,” he said. The nine port projects that are at present being evaluated by the government and put under the scanner are worth more than Rs 5,000 crore.

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<!--emo&:cool--><img src='style_emoticons/<#EMO_DIR#>/specool.gif' border='0' style='vertical-align:middle' alt='specool.gif' /><!--endemo--> Mondal is acutely aware of the acceptability of his manual wonder in the metros, and is also perfecting a rickshaw that looks like a car, “so that it is not out of place in a metro” . He calls it a “funky value proposition” .

Meanwhile, Dr Pradip K Sarmah, executive director of the Centre for Rural Development is banking on the crank pedal “to reduce the drudgery of the 10 million rickshaw-puller of India” . The centre runs a Rickshaw Bank to cater to the urban poor, and already has an improvised rickshaw by IIT-Guwahati , which costs Rs 12,000 a pop with insurance, licence, uniform and the works thrown in. “Mondal’s invention will add speed to the existing force and cost Rs 100 extra,” contends Sarmah.


<b>International Investment Position of India as at the end of March 2008</b>

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[center]<b>1. India's Balance of Payments Developments during the Second Quarter (July-September 2008) of 2008-2009 and Revisions in 2006-2007, 2007-2008</b>[/center]

[center]<b>2. Sources of Variation in Foreign Exchange Reserves in India: April-September 2008</b>[/center]

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Op-Ed Contributor
<b>The Next World Order </b>

Published: January 1, 2009
New Delhi

CHINA and India are in a struggle for a top rung on the ladder of world power, but their approaches to the state and to power could not be more different.

Two days after last month’s terrorist attack on Mumbai, I met with a Chinese friend who was visiting India on business. He was shocked as much by the transparent and competitive minute-by-minute reporting of the attack by India’s dozens of news channels as by the ineffectual response of the government. He had seen a middle-class housewife on national television tell a reporter that the Indian commandos delayed in engaging the terrorists because they were too busy guarding political big shots. He asked how the woman could get away with such a statement.

I explained sarcasm resonates in a nation that is angry and disappointed with its politicians. My friend switched the subject to the poor condition of India’s roads, its dilapidated cities and the constant blackouts. Suddenly, he stopped and asked: “With all this, how did you become the second-fastest growing economy in the world? <b>China’s leaders fear the day when India’s government will get its act together</b>.”

The answer to his question may lie in a common saying among Indians that “our economy grows at night when the government is asleep.” As if to illustrate this, the Mumbai stock market rose in the period after the terrorist attacks. Two weeks later, in several state elections, incumbents were ousted over economic issues, not security.

All this baffled my Chinese friend, and undoubtedly many of his countrymen, whose own success story has been scripted by an efficient state. They are uneasy because their chief ally, Pakistan, is consistently linked to terrorism while across the border India’s economy keeps rising disdainfully. It puzzles them that the anger in India over the Mumbai attacks is directed against Indian politicians rather than Muslims or Pakistan.

The global financial crisis has definitely affected India’s growth, and it will be down to perhaps 7 percent this year from 8.7 percent in 2007. According to my friend, China is hurting even more. What really perplexes the Chinese, he said, is that scores of nations have engaged in the same sorts of economic reforms as India, so why is it that it’s the Indian economy that has become the developing world’s second best? The speed with which India is creating world-class companies is also a shock to the Chinese, whose corporate structure is based on state-owned and foreign companies.

<b>I have no satisfactory explanation for all this, but I think it may have something to do with India’s much-reviled caste system.</b> Vaishyas, members of the merchant caste, who have learned over generations how to accumulate capital, give the nation a competitive advantage. Classical liberals may be right in thinking that commerce is a natural trait, but it helps if there is a devoted group of risk-taking entrepreneurs around to take advantage of the opportunity. Not surprisingly, Vaishyas still dominate the Forbes list of Indian billionaires.

In a much-discussed magazine article last year, Lee Kwan Yew, the former prime minister of Singapore, raised an important question: Why does the rest of the world view China’s rise as a threat but India’s as a wonderful success story? The answer is that India is a vast, unwieldy, open democracy ruled by a coalition of 20 parties. It is evolving through a daily flow of ideas among the conservative forces of caste and religion, the liberals who dominate intellectual life, and the new forces of global capitalism.

The idea of becoming a military power in the 21st century embarrasses many Indians. This ambivalence goes beyond Mahatma Gandhi’s nonviolent struggle for India’s freedom, or even the Buddha’s message of peace. The skeptical Indian temper goes back to the 3,500-year-old “Nasadiya” verse of the Rig Veda, which meditates on the creation of the universe: “Who knows and who can say, whence it was born and whence came this creation? The gods are later than this world’s creation. Who knows then whence it first came into being?” When you have millions of gods, you cannot afford to be theologically narcissistic. It also makes you suspect power.

Both the Chinese and the Indians are convinced that their prosperity will only increase in the 21st century. In China it will be induced by the state; in India’s case, it may well happen despite the state. Indians expect to continue their relentless march toward a modern, democratic, market-based future. In this, terrorist attacks are a noisy, tragic, but ultimately futile sideshow.

However, Indians are painfully aware that they must reform their government bureaucracy, police and judiciary — institutions, paradoxically, they were so proud of a generation ago. When that happens, India may become formidable, a thought that undoubtedly worries China’s leaders.

Gurcharan Das is the author of “India Unbound.”

<b>Shambhu Ji :</b>

Lacking the Educational Qualifications and the “Nous” of an Economist I would humbly opine that the India’s Economic Development is based on “Local – Internal Demand” whereas the Chinese “Miracle” is dependent upon “Exports”

I feel that India’s “Huge” Import are about 35% in terms of Energy Imports and about 25% in terms of Power and Infrastructure Projects, Aircrafts and Ships.

Energy Imports may cost less with the drop in “Oil” prices (will also effect Gas & Coal), with development of the country’s Manufacturing Power, Infrastructure and other Project Imports should decrease.

One cannot envisage a reduction in Aircraft Imports – especially the Passenger type – but I think India will not need to Import “too many” Aircrafts due to the prevailing Economic down turn.

The Shipbuilding Industry is already building ships of up to Panamax size and I think larger vessels are on the cards.

All the above requirements are for India’s Internal needs.

In contrast China’s Exports of Goods, I believe, is far more than its Internal demand.

Therein lies the reason for India’s Development being “Steadier and more Sustained” than that of China.

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Nope, Domestic was 50% because of previously straved homes. Now it will have same China problem.
Hedge Funds, 401K money was heavily poured in Indian market which is now either pulled out or dried up, if you can recall since Moron Singh became PM , market went up and down.
Vote Bank policy and free dole can do little to Indian economy, only it will add inflation. Moron Singh rule gave good injection of Socialism which was more or less killed what NDA rule tried to do. Moron Singh is able to turn train back to 2% growth rate, if you see Indian polpulation it mean negative growth. India need 10%+ growth rate for next 15 years to be like China.

World don't have to worry about India as long as vote bank based budget is live and kicking.

<b>Next fiscal likely to be more difficult, warns PM Moron Singh</b>

<b>Mudy Ji :</b>

One has never wanted India to be like China as if India were to become like China then you wouldn’t be able to call your National Leaders “Slaughterers” if they carried out Mao’s Pogroms on the Indian Population.

I refer you to the following :

<b>Total Population of China in Millions (1949-1998)</b>












Here is the Population Numbers after Mao’s Slaughter.:




Thus the Chinese Leadership – by its own admission – Slaughtered 40 Million of the Chinese Population and ensured that the Chinese Population became Slaves to the Chinese Leaderships’ Cause. I trust you are aware that Independent Commentators and Observers consider the Figure to be Sixty Million Slaughtereed.

All I see on the Forum is a load of groaning, moaning, whinging and whining

You call the Country’s Prime Minister a Moron. <b>Fine what does that make you and me?</b>

We have our constraints. We are a “Great” People that we have an Illegal Indian Citizen Italian Au Pair Ruling us and carrying out Uncle’s Instructions received via Papa.

Stop whinging and whining.

Start a Movement. Find an alternative for Man Mohan Singh and let the man have a well earned rest.

Let us hope that the “Alternative” performs to your norms and satisfaction.

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<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Start a Movement. Find an alternative for Man Mohan Singh and let the man have a well earned rest.

Let us hope that the “Alternative” performs to your norms and satisfaction.<!--QuoteEnd--><!--QuoteEEnd-->
I had my share of anti Mandal commission agitation, yes kicked out jerk VP Singh, but sick politicians still managed to ignore majority will. Lot of young people died, I still had image of Second college student who self immolated in front of parliament. I was standing in crowd. Over 200 young college students self immolated themselves but spineless b@st@rd politicians and babus remain deaf and dumb.
Yes, I left India for good.

Only option I see is Educate people. Rest developing right contacts here so that we can counter Indian leaders imposed on Indians who use right connection with money to serve their own family and mistress family.

Yes, one never wanted to be China but Moron Singh and his mai bap is from Mao school.
Current rulers had ethnic cleansed Pandits from Kashmir, same is happening in North East. India and CHina is no different. Moron Singh is encouraging Jihad on Hindus and what we are seeing is systematic ethnic cleansing of Hindus in India. Growth of population is due to illegal and legal Muslims in India.
Supperssing of majority Indian population is no different than what China did to its own citizens.
Moron SIngh is glued to his chair and 10 number bibi is standing with leather whip next to him.
<b>India can withstand 'export shock'</b>

<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Many economists have been wistfully saying that if India had adopted an export-oriented growth model, its economy would have grown at an average rate of 9% in the last ten years. However, they don’t hesitate now to happily assert that India has much greater ability to withstand an ‘export shock’ than any other large and fast-growing economy.</b> <!--QuoteEnd--><!--QuoteEEnd-->

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<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->The New Cultural Imperialism
The Greens and Economic Development
Deepak Lal


<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Yet as the inventor of ‘golden rice’ Professor Ingo Portykus has noted, though it satisfies all the demands of the Greens they still oppose it. As he notes, the new rice has not been developed by or for industry; benefits the poor and disadvantaged; provides a sustainable, cost free solution, not requiring other resources; is given free of charge and restrictions to subsistence farmers; can be resown each year from the saved harvest; does not reduce agricultural biodiversity; does not affect natural biodiversity; has no negative effect on the environment; has no conceivable risk to consumer health and could not have been developed with traditional methods.

But, notes Prof. Potrykus: “The GMO opposition is doing everything to prevent ‘golden rice’ reaching the subsistence farmer. We have learned that the GMO opposition has a hidden, political agenda. It is not so much the concern about the environ-ment, or the health of the consumer, or the help for the dis-advantaged. It is a radical fight against technology and for political success” (Potrykus, 2000).

Back to contents
There we have it. The Green movement is a modern secular religious movement engaged in a worldwide crusade to impose its ‘habits of the heart’ on the world. Its primary target is to prevent the economic development which alone offers the world’s poor any chance of escaping their age old poverty. This modern-day secular Christian crusade has exchanged the saving of souls for saving Spaceship Earth. It needs to be fiercely resisted.

First, by standing up to the local converts – the modern day descendants of what the Chinese called ‘rice Christians’ and ‘secondary barbarians’ – the Arundhati Roys, Vandana Shivas and Medha Patkars of this world. Their argument that their views are in consonance with Hindu cosmology are reminiscent of those used by the proselytising Christians promoting a syncretised Christianity in the nineteenth century, and are equally derisory.

Second, by refusing to accept the transnational treaties and conventions which the Greens are promoting to legislate their ends. As many of the environmental ministries have become outposts of their local converts, the economic ministries must play a central role in resisting this Green imperialism, by insisting on having the last say on any transnational treaty India signs. As China has shown, through its continuing production and use of DDT and continuing development of GM technology, there is no need to give into this latest manifestation of western cultural imperialism, and in this fight, as the shining example of Julian Simon shows, there are still many in the West itself, who have not been infected with this secular Christian religion, and will join in showing up the Greens and their agenda as paper tigers, much as the Christian missionaries found in the last phase of western imperialism.

Note that Vandana Shiva who is a well known eco priestess and eco feminist was also very heavily involved in opposing the Narmada dam, and repeated total lies about the Gujarat riots demonising Hindus in her books, people like these are well funded from abroad to sabotage the growth of Indian economy, especially the agricultural sector.

<b>Eleventh Report on Foreign Exchange Reserves as on September 30, 2008</b>

Table 4: International Investment Position of India as on 30th June 2008

<b>Net Foreign Liabilities : US Dollars 49.12323 Billion</b>

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<!--emo&:cool--><img src='style_emoticons/<#EMO_DIR#>/specool.gif' border='0' style='vertical-align:middle' alt='specool.gif' /><!--endemo--> 'In India, you'll still get a job'
New Delhi, Jan 18 (IANS) The "India Shining" story may be under stress by the ongoing economic crisis, but some sectors and career options still hold promise for job seekers this year, according to human resource experts.

Leading advisory Boston Consulting Group says India will have a demand for 85-90 million people across various sectors, and the majority of the demand will come from high-growth industries like IT, outsourcing, banking, retail and healthcare.



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<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>20,000 Indians returned losing jobs abroad</b>
Agencies | New Delhi
About 20,000 Indians have returned home after losing their jobs overseas due to the global economic crisis, the government said today.

Though the exact number of people who have returned is not available, there are reports which indicate that between 16,000 to 20,000 Indians have come back here after the economic slowdown, Overseas Indian Affairs Minister Vyalar Ravi told the Rajya Sabha during Question Hour.

To a supplementary, the Minister said that the number of incidents of overseas employers keeping passport of Indian employees have come down by 50 per cent. But he did not provide the period when this reduction has been witnessed.<!--QuoteEnd--><!--QuoteEEnd-->

<b>1. International Investment Position (IIP) of India as at the end of September 2008 – Table 1 : USD -62.2 Billion</b>

<b>2. India’s Foreign Trade: 2008-09 (April-December) Table 1 - Trade Balance : USD – 93.5 Billion</b>

<b>3. Invisibles in India’s Balance of Payments (April-September 2008) – Table 5 : USD Billion 45.849 Billion</b>

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