Manmohan Singh

“You must be the change you wish to see in the world,” said Indian civil rights leader Mahatma Gandhi. Gandhi, along with Mother Jones and Melba Pattillo Beals wanted equality. Gandhi’s mission was to cease color prejudice, Mother Jones’s mission was to achieve child labor rights and Melba’s mission was to make integration possible. These three individuals fought courageously for equal human rights because they wanted to see a difference in the world.

With the sweeping economic changes witnessed globally towards more market oriented economies, the government of India too has adopted radical economic policy measures to revitalise its economy. The Indian capital markets, which have attained a remarkably high degree of growth in the last decade, are on the brink for a further leap forward over the next ten years. With the opening of the economy to multinationals and the adoption of more liberal economic policies, the economy is driven more towards the free market economy.

Born in 1869 on October 2. Mohandas Karamchand Gandhi, also known as Mahatma Gandhi lived in Porbandar, a region of India that (at the time) was a part of the British Empire, now known as Gujarat. Growing up, Gandhi worshipped the Hindu god Vishnu. His belief of Jainism aimed to achieve the liberation of the soul, embracing non-violence, meditation and vegetarianism. He believed in Ahimsa meaning non-violence and equality. As a young child, Gandhi was considered being shy, timid and an unremarkable student. Aged 18, he sailed to England to study where he read a variety of sacred texts and learnt more about world religions. He later explains “if only we could, all of us, read the scriptures of the different Faiths from the stand-point of the followers of those faiths, we should find that they were at the bottom, all one and were all helpful to one another” he considered them a comfort and recommended everyone to read them at some point in time. He stayed in England for 3 years before returning back to India where he struggled to gain any footing as a lawyer and wrestled to find work, therefore taking a job offer in South Africa at an Indian firm.

In 2015 India was ranked among the highest countries globally in consumer confidence, this comes after the International Monetary Fund estimated an economic growth of up to 7% annually for the next decade in India. But this hasn 't always been the case, in fact, it wasn 't so long ago that India was simply another colonized nation around the world, not to mention it 's usually rare to see this kind of economic growth in such a small period of time. The Effects of globalization, with an emphasis on open trade networks, and the Imperial developments of the late 19th century have led to the emergence and rise of India 's market-based economy. This growth has been affected in a very positive way over a span of centuries by a combination of stronger economic developments brought about by a massive increase in the countries labor force and the emphasis on education and self-governance. An exposure to both the Western economic systems during the imperial age until their independence in 1947 and their subsequent involvement in the Asian, Middle Eastern and African trade routes from the late 15th century placed India in an economic equilibrium where they were able to benefit from both worlds and become one of the fastest growing economies.

Kumar (1996) compares trends/fluctuations in key macro-economic variables in India pre and post 1991, both before and after initiation of new Indian economic policy in '91. These reforms included, amongst other things, the opening up of the Indian economy for international trade (prior to this India was a socialist state not involved in these markets) plus investment and heavy de-regulation processes. These particular changes to this policy allow for great insight into the impact of de-regulated, international capital trade on previously effective macro-management. He observes that this new economic policy increased economic instability which facilitates speculative activity, particularly resulting from financial sector liberalisation and the opening up of the economy. He adds that the observed increased volatility in economic fluctuations is a result from state intervention under these new economic policies that have reduced policy effectiveness. To quote: "The NEP not only lay greater stress on market forces but on opening up of the economy to foreign capital. This imposes constraints on policies since government cannot control the external environment which is governed by international finance capital- a force far more powerful than the Indian state hence able to dictate to it". He argues that since the interest of

This Topic is an interesting one because many throughout the country are divided on the topic of the Prime Minister and whether or not they hold too much power within their role. With past allegations of corruption, many are blinded by the true powers and limitations of what properly defines the role of our Prime Minister.

According to a NASSCOM-McKinsey report, annual revenue projections for India’s IT industry in 2008 are US $ 87 billion and market openings are emerging across four broad sectors, IT services, software products, IT enabled services, and e-businesses thus creating a number of opportunities for Indian companies. In addition to the export market, all of these segments have a domestic market component as well.

In the late 1970s India introduced economic liberalization policies that allowed state owned enterprises to be privatized, at the same time granting foreign investors the ability to access these once isolated markets. Since the inception of these new economic policies in 1991, the Indian economy is growing on a remarkably higher economic growth trajectory (Gupta 2015). India’s economic growth rate averaged above 8 per cent per year between 2003 and 2011

India’s privatization program has had a bumpy record and was often slowed by political opposition; in 1999 some 240 state-owned enterprise were still scattered across many sectors of the economy and accounted for 15 percent of India’s GDP. But the program was progressing at a fairly rapid price in the early 2000s with 30 state-owned enterprises privatized in 2002.

The Government of India accounced the New Industrial Policy in 1991 in which a number of liberalization measures were taken; such as

The separate republics that were facing their own ethnic problems now had to cope with the fact that their citizens were going bankrupt. “From 1989 through September 1990, more than a thousand companies went into bankruptcy. By 1990 annual GDP growth rate had shrunk to –7.5 percent. In 1991, GDP declined by a further 15 percent, while industrial output shrank by 21 percent.” (Kiss). Within all of this more than half of the most prominent banks in Yugoslavia had gone bankrupt, losing all their clients money and anything financial of theirs. 1.3 million workers had lost their jobs by this time (World Bank). The governments of the individual republics refused to pay the preposterous federal taxes or import fees, that had been set up to try to restore some order within the national government. Some republics had access to bill-printing facilities and gave themselves short credit, without the federal government’s knowing. Previously coming into this predicament, “the past 20 years Yugoslavia had a 17% increase in their external debt every year”(Rasjic). The federal government was still taking money from outside countries knowing that they might not be able to pay it back, leading to an eventual collapse of the economy. The US and other countries felt a duty to help since Yugoslavia was a new country and many of the emigrants of Yugoslavia came to the Western countries. Despite the steadily rising inflation of foreign funds as loans,the Yugoslav economy achieved only a slight, if that growth. However, even this modest growth was not sustainable without continued foreign aid. In the 1980s and 1990s, was the only time when the true Yugoslav economy was seen by outside countries and the rest of the world. Just like an alcoholic must face the reality of his addiction, so did Yugoslavia, they faced the reality of the nothingness of Yugoslav economy without external

The Indian economy following the 1991 crisis swiftly moved away from central planning economy towards market-based economy with the government having less intervention and control. As a result, companies were operating in what is called emerging

Economically India ranks 10th place just behind Italy and Russia in terms of nominal GDP. In 2014 India’s GDP is expected to rise up to $2.05 trillion with a growth rate of 5.6%. This growth underlines a steady phase of economic growth for over 30 years of rates between 2% and 10%. Meanwhile Inflation in India has also been steadily rising an average of 10% p.a . The predominant sectors that contribute to

This may have been due largely to industrialisation policies and the 'green revolution '.8 The fundamental premise was that: ... growth should be accompanied by social justice and this should be achieved in a way that made India self-sufficient... . [Eventually] imports were severely controlled and were subject in many cases to quantitative restrictions, and in all cases to very high tariffs, which, at their peak, had reached a maximum level of 350%.9 1.9 Between 1951 and 1993, India’s share of world trade plunged from 2.4 to 0.5 percent owing to Nehru 's reliance on central planning as an economic policy.10 This highly regulated, over-bureaucratised system severely inhibited competition, innovation, efficiency and economic growth. Trade policies were designed to protect local industries from external competition through high subsidies and tariffs. 1.10 As well as decreasing levels of trade participation with countries other than the USSR, India had become increasingly reliant on the USSR for technological and capital inputs. Moreover, according to DFAT:

A key factor for Indian economic growth was the ability to trade with other countries. Throughout WW1, India was a flourishing empire in business and economics, and were able to bring in mass quantities of goods to support their country. However, due to their increased support and spending towards Britain, they began coming into more competition with Britain based goods. Before the war, India’s sole trading partners consisted of those in the Central Powers and they were able to obtain a surplus of 6.2 million dollars, but by the next year, they were in debt of almost 14 million dollars, which completely broke their economy down. Selling and making goods for trade also decreased and made millions out of work. Britain began restricting more laws on civil liberties which made the Indian people call for a strike and the man who led the strike was Mahatma Gandhi who urged Indians to leave British-run schools, boycott law courts, quit colonial jobs, and refuse to buy clothing. This strike created a sinister relationship with