Press Releases

India is full of colour, energy, and diversity. It is a nation that has multiple languages, cultures, and religions. Being the world’s second most populous country, it is no wonder that India is considered to be the biggest democracy. Amongst the many positive factors that are attributed to political freedom, economic prosperity is one of them. A strong government is obligated to provide effective and fair administration, and good governance to its citizens.

Over the decades and after its independence, India’s successive governments have worked hard to reform its mainly agricultural past into the growing economy it is today. All the economic liberalisation measures that were put forth in the early 1990s, including industrial deregulation, privatisation of state-owned enterprises and reduced controls on foreign trade and investment, have helped to accelerate growth. In addition, India has done a remarkable job in reforming its telecommunications sector, airlines, stock markets, and banks. All these factors have transformed the country, making it to be the fastest growing major economy in the world. In fact, India is expected to be one of the top three economic powers of the world over the next 10 to 15 years, backed by its strong democratic values and international partnerships.

As I mentioned previously, a strong economy and democracy have correlated together throughout history. In the early stages of India’s democracy, a directly regulated economy might have been acceptable to the population learning how to self-govern straight after colonial rule. But low economic growth led to dissatisfaction, and with rapid globalisation, a new model emerged – that of a market-based economy with an emphasis on growth. Changing the economic path proved to be successful and India has experienced phenomenal economic growth. It is no wonder India possesses key factors that make it a highly competitive country; a young and rapidly growing working-age population and middle-class, rising education and engineering skills, along with a growing consumer market.

However, nothing can be truly considered stable within the rapidly changing global economy of today’s world. In order to continue adapting to the shifting markets and for the public to be more receptive to reform, India and other like-minded nations should keep to the path of liberalisation in accordance to their economic growth.

Thank you for listening.

----------------------------

ΕΚ/SCH