BIRD'S LEG: Relating To Indian Economy

According to the source Bloomberg, India will be the world’s No. 3 economy by FY28. India failed to beat the US by $10 billion and overtook the UK by $27 billion in 2022-23 FY. Keeping in mind the seven-year graph of the Indian economy, which has been way lower than today, India to compete with Germany by the end of FY 26. Isn’t it amazing? How is that possible? What are some facts?

We will get answers to that by telling why wouldn’t it happen. Automobile companies like Kia and smartphone manufacturers like Apple have been setting up their plants in India. That’s going to grow employment. That’s not it; we already have US-established Information Technology companies that are being outsourced to India. Now they have rooted themselves quite profoundly. Accenture has set an example in that field. The question is, why do they need a US guy at the head to outsource to India? Can’t this be directly dealt with by an Indian at the head? Is that a trust issue? Since the 2013 boom of Technical Support, Indians have been involved in fraudulent acts by selling digital services that hardly mattered. I was an employee of such a company once. Anyway, coming back to the topic. India has now been focusing on E-vehicles. Several E-vehicle startups have been importing from Japan & China recently because the Indian market has been considered the fastest-growing market in the world. So has been why Auto sales were 48% up by the end of October.

We also can’t deny that Start-up funding has been hitting a low in the last two years, per the previous quarter. Fintechs and SaaS providers have been the fastest and most profitable startups recently, before the e-vehicles importers. These ideas are all US-inspired. Technology that hits the US travels to India in some years to grow the market. The US has a similar approach and targets India as the first foreign market. These startups are also finding it hard to survive due to the recent recession in the US. However, the Indian government has been planning to invest in and maintain information technology infra. Startups must be funded and trained with forward and backward linking so they know how to grow. This is a good initiative. However, the growth of infra has always been slowed down by corruption. It takes at least 10-15 years to provide such plans.

Apart from the US, Russia, and Australia plan to make trade easy with India. Australia has already signed that agreement and moved a step closer to India. This creates doubt and takes me back to the slave days. When the British took over India and ruled for decades, this was no different, or maybe this was education and literacy today that resulted in a focus on mutual growth. But growth is only calculated on an overall basis. If every individual’s development is checked, India is on the verge of an economic fall directly proportional to the US Recession in 2022. Is the Indian economy planning on growing or falling? Hard to tell at this point because everything adds to the economy.

IDFC’s CEO says India’s recession has been at a sweat spot. He must be earning quite well because most Indians who were kicked out without notice still have no job. Their economy is zero. Wipro, Flipkart, Google, Twitter, etc., have been laying off their employees. IT firms are facing the recession again after 8-9 years. Non-IT firms are stepping-up towards hiring at tech campuses. The Busiest headhunters saving economic growth are consulting, core engineering, and finance. We can’t deny that India has outsourced IT jobs, and every time a Recession in a foreign country affects the Indian economy as well. However, India is keen to shake hands with them to increase the cash inflow and vice-versa. Talking about Twitter’s locking their office without informing their employees shows a money-before-prestige mindset. We think Koo, an Indian startup for micro-blogging, has been the answer. Competing Tumblr, Twitter, and others with over 1 Million app downloads in a couple of days makes the market clear about what’s coming; when Indian gets into something, it nails it. Koo is the second largest micro-blogging platform today and with only two years of age.

They say India will remain one of the fastest-growing major economies. Why? Because India has been considered the back-office guy. That’s what we call a service Driven economy. India has been trying hard to position itself as a high-end manufacturing hub. Why is it so? There has been a successful launch of India’s first privately built rocket Vikram-S. ISRO has been supporting such startups. India’s economic valuation is $7 billion, and such startups will boost it because two missiles will be launched monthly. And they both might fall back on India because other ends of infra are still very loose.

Again this bond that private-public is sharing is also US inspired. Are we really in a developing mode, or are we just fantasizing about Western Culture? Anyways trying is what brings success. If India has made it this far, it will top the economy. But they have to work on the population and job ratio like they worked out on their sex ratio.

How is everything related? I came across all the news about the recession, the economic fall, and other things. But still, they predict the Indian economy is growing. Being an Indian, I don’t see it as “how?” I don’t know whom to trust and what to believe. News and Articles have been so irrelevant. It’s like those unrelated things I wrote as a kid. And my mother told me, ‘what is this Bird’s leg? Have you written?’

#economy

Written By: Anurag Tiwari