Sunday, July 09, 2006

The Myth of the New India

"An NYT op-ed on The Myth of the New India reports that only 1.3M Indians are participating in the so-called new economy of BPO, leaving 400M have-nots without a piece of the pie. Despite recent gains, nearly 380M Indians still live on less $1 a day, setting the stage for rural and urban conflict."

From the article: "No labor-intensive manufacturing boom of the kind that powered the economic growth of almost every developed and developing country in the world has yet occurred in India. Unlike China, India still imports more than it exports. This means that as 70 million more people enter the work force in the next five years, most of them without the skills required for the new economy, unemployment and inequality could provoke even more social instability than they have already."

Few Comments :
A Dollar fetches a lot of things in India, and i'm surprised that a lot has been assumed and written about without checking the facts. as of today, a dollar equals about Ruppees 45.84 (that was yesterday's rates). a Dollar fetches a lot of stuff, in fact i will give 2 examples - one for the metropolitan poor man with a dollar and the poor man in the rural india
Source : Slashdot

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