What is this nonsense about Sunita Willaims?
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Posted on: 27-09-07 11:35:54
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Originally posted by investpro
I'll go with the bulk of the credit goes to the Indians in India.
Can you quantify 'big', please? volume of people and dollay wise.
It's just to know your definition, so one can understand where yuou are coming from.Not to knock you down or anything.
"Big" can't be quantified in numbers and neither can "miniscule" be.
The quick way to quantify it for me is this. Had all Indians who migrated abroad never done anything to promote India (in the shape of investments, perception, policies etc) in their respective adopted lands, the economic boom you're seeing right now would either not have existed OR would've been greatly subdued.
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Originally posted by investpro
The main driver is internal consumption.Each one has their own perception.
What are some of the reasons that Internal consumption has risen?
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I won't bore you with links to my articles. Too many of them.
Bore me with a few then. Always open to other perspectives. Would make for good reading, especially since you're the "InvestPro" after all.
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The other link is good too. I can say I had my hand in convincing US universities that theory in IIT in India was at par with Ivy League material way back when.
Thanks again
Not to knock you down either, but for my knowledge and curiosity, may I ask how? I think this may also help other CDs do more to promoto India Inc. in various ways within their scopes. (although Fido may think nothing of it
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Originally posted by BlueLobster
The quick way to quantify it for me is this. Had all Indians who migrated abroad never done anything to promote India (in the shape of investments, perception, policies etc) in their respective adopted lands, the economic boom you're seeing right now would either not have existed OR would've been greatly subdued.
Can you provide any validations to support your statement ??
Had China had the same english language skills as Indians , your so called overseas Indian promoters would be biting dust .
India always had the unique advantage in terms of language and skills . There were always Indian diaspora abroad - then what changed since the 90s that India has started picking up ????
Its the WTO ( formerly known as the GATT ) which wanted globalization to spread its wings hoping for an expanded market share in protected economies like India . What happened in return was that India provided cheap services which were lapped by the 1st world leading to the current economic boom .
People like Narayanswamy / Azim Premji and the ilk who keep on promoting and gaining business are the ones who have made this phenomenon possible , not the overseas Indians . Also growing world , technologies are major factors .
There may be some people who promote India and invest in India but thats just a very less % . Look around and check how many people you have met in Canada have helped open avenues in India . Majority of Indians abroad invest in India for a higher rate of return and that s a drop in the ocean of Indian economy . But yes that drop is very meaningful and so are such people also . I wonder if Sunita William / her dad falls in that category though .
All in all its good that Indian skills are in demand and are getting paid from outside - making India prosper .
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Fido.
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Originally posted by Fido
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Originally posted by BlueLobster
The quick way to quantify it for me is this. Had all Indians who migrated abroad never done anything to promote India (in the shape of investments, perception, policies etc) in their respective adopted lands, the economic boom you're seeing right now would either not have existed OR would've been greatly subdued.
Can you provide any validations to support your statement ??
Look at the figures below for FDI into India and investment by NRI's .... does this validate the statement by BL
"An analysis of the sources of reserves accretion during the entire reform period from 1991 onwards reveals that the increase in forex reserves has been facilitated by an increase in the annual quantum of foreign direct investment (FDI) from US $ 129 million in 1991-92 to US$6.1 billion in 2004-05 and further to US$ 7.7 billion in 2005-06. During 2006-07, FDI recordedquantum jump to US$ 17.7 billion. Outstanding NRI deposits increased from US$ 13.7 billion at end-March 1991 to US$ 33.0 billion as at end-March 2005 and further to US$ 35.1 billion as atend-March 2006"
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Originally posted by Fido
People like Narayanswamy / Azim Premji and the ilk who keep on promoting and gaining business are the ones who have made this phenomenon possible , not the overseas Indians . Also growing world , technologies are major factors .
There may be some people who promote India and invest in India but thats just a very less % . Look around and check how many people you have met in Canada have helped open avenues in India . Majority of Indians abroad invest in India for a higher rate of return and that s a drop in the ocean of Indian economy . But yes that drop is very meaningful and so are such people also . I wonder if Sunita William / her dad falls in that category though .
All in all its good that Indian skills are in demand and are getting paid from outside - making India prosper .
Do anybody outside India has to pay to India if he or she feel Indianness?
Sense of belongingness is a subjective matter and only Sunita or person who proud for her only knows.
Out of more than 1000 million people in India how many people really contribute to the economy India. How many(Indinas in India) are corrupt, lazy and do activities which are detrimental to Indian economy? Do they deserve credit of being Indians? Definitely Yes because they feel Indianness. Then what is the problem for a lady with a remarkable achievement in the world who feel sense of belongingness
Puttoo -
Thanks for the figures !!
I also have 50 lacs in India as deposits coz of better rates of return . NRI deposits are not direct investment but indirect . Lower the rate of return to 2-3 % and you will find it vanish away .
Counter quoting your figures kindly check the proportion of your NRI deposits v/s Indian economy and you will understand what I meant by minuscule . $ 20 bn in 15 yrs .
The economy of India is the fourth largest in the world as measured by purchasing power parity (PPP). When measured in USD exchange-rate terms, it is the twelfth largest in the world, with a GDP of US $1.0 trillion (2007).[1] India is the second fastest growing major economy in the world, with a GDP growth
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Fido.
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Originally posted by BlueLobster
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Originally posted by Gapodi
I think Fido's post is absolutely right. China and india are rising very fast because of globalization and also because they abandoned the usual petty politics of war with neighbours and have started to see beyond their nose. They also have immensely changed, an example of India and china shaking hands while opening tradional borders, something that would have out of question just 15 years ago.
While the so called Indian abroad have jumped on to the bandwagon not because all of a sudden they have been hit by a patriotism or some long lost sentimental value but simply because as Dosanjh pointed it to Indians during his visit in 2004 : The capital will fly where it will grow.
Let's talk about India for a second. Should I read your comments above to mean Indians abroad have played no role in India's recent economic growth?
They have certainly played a role in India's recent economic growth but it is NOT the only factor. Besides as I mentioned earlier it is an opportunistic role. After all NRIs did not appear on horizon in 91 or afterwards....Indians have been migrating for centuries and certainly after 1947 as well.
A much bigger role in rise of these two countires has been played by
1. rapid rise in fast intercontinental transportation
2. The metoric rise of IT and the fact that one does not neccessarily need millions to start an IT business.
3. The y2k myth that suddenly brought Indian potential to the forefront
4. The consistent and self destructive attitude of some western nations after 9/11.
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