IPR IN INDIA

SURGING AHEAD!

It had been a painfully slow start way back in the nineties, to get the mammoth Indian economy to pick up momentum. It required bold and imaginative measures and far-sighted reforms to get India to quicken its pace. And now in recent times one can safely say that India has shaken the economic lethargy of yester years and has moved on to the expressway of growth.

The Indian economy though it has many fathoms to go before it can catch up with the giants of the world, has demonstrated its speed and agility. GDP has shown a remarkable upswing, driven largely by the phenomenal growth that has taken place in the services arena. Info tech enabled services and business process outsourcing have dominated the scene garnering valuable foreign exchange, huge contracts and considerable employment opportunities. Not surprisingly, the services sector now accounts for a whopping 50% of the current GDP.

The manufacturing sector too has shown tremendous growth, powering the GDP upwards. India’s economy for many decades depended on agriculture and the all important monsoon showers. Crop failure has a crippling trickle down effect across the economy. Today the Indian economy is far more resilient and less dependent on agriculture, which contributes about 25% currently, even though it employs about 70% of India’s population.

India’s economy is rocketing ahead thanks to the sustained pace and consistency of fiscal and economic reforms. Political stability too has reinforced the confidence of global institutional investors and the transnational organizations – resulting in a steady flow of investments across critical sectors. Exports too have soared with more and more companies and countries accepting and demanding Indian made goods. The Indian rupee has exhibited its strength vis-à-vis most international currencies. Forex reserves too are abundant enabling Indian companies to expand and acquire companies across Indian borders.

Clearly India is going places. And there are opportunities aplenty.