India emerging as a global power

08 Aug '05

6 min read

Even as India seeks to consolidate its impressive gains in economic development and poverty alleviation, with a strategy focused on higher growth that is inclusive and equitable for its billion plus people, its trade, financial and technological linkages in the global economy are taking on faster wings. In the early years of the 21st century – reckoned to be one of Asian resurgence and knowledge explosion – India has already come to be recognized as an emerging economic power eminently capable of playing a leading role in the reshaping of the international order for peace and development.

This should be comforting as the nation, which has forged ahead in a highly democratic framework on strong foundations of mostly self-financed development laid in the post-independence decades, completes its 58th year of independence, and looks poised for a leap forward in its economic, scientific, technological and political interactions with the rest of the world.

The country's acknowledged advances in science and technology, especially in nuclear and space fields, have been buttressed by an even more spectacular entry into information technology which has the potential to accelerate the pace of progress in achieving its economic and social goals. India is already reckoned as a global power in software technology.

Sustained growth, faster than that of major industrial as well as most developing countries, globally competitive manufacturing firms, remarkable strides in IT and IT-enabled services, commitment to further reforms and observance of multilateral rules and codes of conduct in international dealings have all contributed to India's economic image abroad. Its political and military strengths, recognized role as a responsible nuclear power, and adherence to democratic values have enhanced its appeal as a nation destined to play a significant role both in Asian region, where at present it is the fourth largest economy, and in the world.

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