Friday, October 20, 2006

India And Pakistan - The New Tigers

It is not my simile but used by Asian Development Bank. Its South Asia Economic Report has said that removal of bottlenecks, improved infrastructure and better quality of regulation help South Asian economies, already growing at high rates led by India and Pakistan, emerge as the "new tigers". While developments in India are clearly the predominant factor in the improved economic performance in South Asia, most other countries in the region have been on a similar trend, although their improvements are more modest.
India, buoyed up by a consistent 8% GDP growth for the last 3 years, is gearing itself for further acceleration and achieve 10% GDP over the Eleventh Five Year Plan (2007-2012). The Prime Minister Dr Manmohan Singh has admired the role of the industry in the global arena."They are investing on an unprecedented scale and expanding their capabilities to boldly take on global competition. Many of them are actually taking over firms in other countries, setting up factories and becoming global companies," Singh said.
As I was about to publish this post came the news that the mega deal between Tata Steel and Corus (formerly British Steel) has been clinched. My last post coincidentally was relating to the same deal. It is the biggest acquisition ever made by any Indian company including Tatas in foreign soil. "It is a defining moment" was the reaction of Ratan Tata after the deal was announced. I think the history has taken a full circle. Like 'East India Company' casting its anchor near Kolkata three centuries back and spreading wings all over the country, Tata Steel is the new incarnation of ' East India Company' of yesteryear's. Of course, the mission is different this time.
How I wish India and the neighbours steeped in poverty emerge soon as economic powers globally by working harder. If only terrorism and eyeball to eyeball confrontation over border disputes could be reined in, these new tigers' roar could be heard all over the world. Unfortunately, they cannot even mew out of fear and retaliation by the opponents.

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