Manpreet

The Indian economy ranks third in the list of world economies in terms of purchasing power and is entitled the fastest growing economy of the world. Goldman Sachs, the Global Investment Bank predicted that by the year 2035, the Indian economy be the third largest economy in the world and would grow to 60% of size of the US economy. This dynamic economy is capable of reaching great heights and achieving the current milestone of 9 percent GDP.

Despite of a number of problems and limitations, the economists pick out the strengths of this escalating economy which could fetch benefits for its overall growth and progress. Samuel Johnson once said, “Great works are performed not by strength but by perseverance and while the will to succeed is important what is even more important is the will to prepare for the success”. Keeping this thought in mind the Indian economy has turned its biggest problem ‘population’ into its biggest strength ‘The Large Human Resource.’ Today the Indian economy is bestowed with a large pool of skilled workers that work. This valuable strength of ‘favorable demographics’ is inherited by the large industrial sector of the economy for its up-liftment.

Next in the list of strengths is the rapidly growing middle class section that possesses a strong desire to consume. Thus, the Indian economy can easily maintain a preferential balance between its productivity and consumption.

Next comes, the rich natural resource base that comprises of valuable resources like coal, iron ore, water, limestone, granite, Manganese, Mica, Chromites, Bauxite, Titanium ore, Natural gas, Petroleum, Diamonds and Thorium. These energy resources promise a significant future potential for the Indian economy.

Some other strengths of the Indian economy are the growing education system, English language proficiency, strong tertiary education, great record of software development, government support and policies, process quality focus, skilled workforce, cost advantage, entrepreneurship, reverse brain drain, expansion of existing relationships, leverage relationships in West to access overseas markets and Indian domestic-market growth.