By A Khokar November 07, 2010
In the age of ‘economic depression’ in the world; all the major western industrial countries engaged in manufacturing, in order to reduce their production cost, are forced to ‘out sourcing’ and avail cheap labour. Most of the companies have shifted their manufacturing units to third world countries. Philippines and India are the known leading countries in offering them the services on the very cheap rates. Western banks and other communication firms have also shifted their call services centres to these countries. In this connection; India is known as ‘land of call centres’.
But after China; Indian economy is the most vibrant economy. It is growing at a fast pace touching a record perpetual growth of some double figures in Asia and has become the fourth largest economy in the world. US as well other western countries are seen pursuing the wealthy Asian companies to invest in their countries.
Post-liberalisation, India has not only witnessed tremendous economic growth, but has also experienced something which was more of a distant dream. Indian economy, within a span of less than two decades has touched the trillion dollar mark and its stock markets are all set and surging both in terms of scale and scope to storm the lists that may feature the “best” of the world. But sadly there is down side of Indian economy that as it is evident from the fact that in its social sector, in spite of the surging number of billionaires in the country, the fate of Indian work force has not changed much. There is a huge disparity; one just needs to compare this prosperity at the top of the pyramid with the misery at the bottom.
Although India and Indian companies are making their positions formidable in various esteemed sectors but they are unable to model their commitment in the way today’s global companies view their duty towards society. India needs to look into this aspect of sharing of the earned profits and enhancing the allocation of funds towards the health and family welfare of workers to minimise the social imperatives.
Obama has landed with his hefty entourage of CEOs in India with a long term plans that—possibly how the Indian growing economy be transformed into a society of a consumers by encouraging them the reformation of their ‘welfares of work force’ in India and increasing the purchase power of Indian middle class. US is likely to tie certain trade knots with India and to pursue the Indian companies to invest in US; so that US is able to export US made consumer goods to India.
Obama is pinning high hopes that this plan may revive the US failing economy and thus increase the prospects of creation of jobs for the jobless back home.