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The Latest News And Events About Indian Economy

Since the early 1990s after the introduction of liberalization and reforms, policies and revolutionary changes ushered in the course of India. Soon after, the nation's economy witnessed high economic growth and rise in Gross Domestic Product (OTC:GDP). The Government data show that the Indian economy in the last decade has been growing between 6 to 8 per cent.

India has emerged as one of the largest foreign investors both in the developed and developing world. Now India's economy is the fastest growing economy in the world only after China. As Kaushik Basu says, 'the economic growth following liberalization, continued and picked up steam; and from 1994 the GDP growth rate broke the 7 per cent mark for three consecutive years and over the last decade averaged over 6 per cent per annum and India's foreign exchange balance, which hovered at a precariously low level for decades, began to rise from the early 1990s and yet again India's savings rate that had hovered around 12 per cent in the late 1960s had risen to 23 per cent by the end 1970s' (2006, pp.58). The latest news from the Government of India also shows that India has emerged as the second biggest foreign investor in the UK (after the USA) in 2008-09, with 108 Foreign Direct Investment (NYSE:FDI) projects, a 44 per cent increase in the number of projects announced by Indian companies last year. With this increase India has replaced Japan as the largest Asian supplier of FDI projects in the UK. This is something remarkable about Indian economy.

The Civil Services Organizations in the decades prior to economic liberalization in India worked for the overall development of the society and tried to contribute for the uplifting of the downtrodden. Broadly speaking, the contribution of the Civil Services Organizations had been of three types.

First, they brought certain critical developmental issues and concerns like environmental degradation, deforestation, land alienation, displacements, etc. to the attention of the policy makers while also making it open for wider public debate. Second, they experimented with various developmental models and solutions to address the socio-economic problems of the society. The models of adult education, primary health care, toilets, irrigation system, bio-gas, ecologically balanced wasteland development, etc. were developed on the basis of micro-experiments carried on by them throughout the country. Third, they contributed towards highlighting the plight of the most deprived sections of the society. Most of them worked with the women, tribal, landless laborers, informal sector workers, etc., for their political empowerment, social emancipation, and economic development and make them aware about general knowledge. Beyond the government and business, they acted as the third sector of society.