Resources As Growth Key Drivers For Emerging Economies
Despite the worst recession in the world since the fall of Lehman Brothers in the US, Indian GDP grows about 6.8 per cent (budget estimate) in 2009-10. Further, it is expected that India will grow 8.5% in this fiscal and will grow to 9% by 2011. Indian government is also eying a double digit growth in the future and will outperform its only rival China in future.
Emerging Markets
After stepping in the 21st century, the emerging markets have accounted for growth in the requirement of natural resources led by China and India. To satisfy the needs of rapid urbanization, population explosion and industrialization, these countries requires vast quantities of natural resources like gas & oil to copper, steel and zinc for their consumption.
Recently, a leading research firm expected that four emerging countries, which include India, China, Russia and Brazil, are developing rapidly and will surpass the combined economies of the current richest countries of the world by 2050.
The reasons for the success of Emerging Markets
Emerging countries have different set of policies for capitalism, job creation and social stability. These countries also possess high number of human resources, talent and work force, which all require for rapid industrialization. India's growth performance over the last couple of years has been a subject of great celebration. The various reasons for the success of India on the world platform would be as follows-
1. Resources: Our country has ample resources for every industry that requires like, work-force, land, water, power, roads, technical personnels and raw materials. Besides the availability, all these resources are available at very cheaper rate as compare to other emerging countries.
2. Legal and political permissions: Industries have to take prior permissions from the respective agency to work in the country. But, the procedure is simpler than other countries and promoted by political people to benefit the common people.
3. Availability of partners: To fasten the process of investment, various foreign companies looked at the possibility of partnership in India, so that they can easily understand the conditions and dynamics of the local market.
4. Market with consumption: Besides providing raw materials, India is also a ready market for their produce. Hence, they do not have the tension of finding the market for their products.
5. Value for money: In our country, the exchange rates are favorable to majority of foreign companies as they deal in US dollars. Also, the government offers various tax reliefs, subsidies and tax holidays for such businesses to earn forex currency and increase exports.
Reaction from the developed economies
US president, Mr. Obama recently proposed to limit profit taking in the banking industry, impose salary caps and restrict banking investments. Further, he said that the country will not offer subsidies to the companies that will outsource their business to other emerging economies. However, the world now understands urbanization and rapid globalization, which along with information boom has changed the world dramatically.
Questions and Answers
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