1 This paper is an abridged text of the address delivered by the first author at the 2011 conference on ‘Emerging Capital Markets: Issues and Challenges’ held at Bharatidasan University on Jan 8, 2011. The author is thankful to Dr. M. Selvam for assistance and comments
As the Industrial Revolution dawned in 1770, India had the Second Largest Economy in the World and contributed 20% of the world economic output. However, after two centuries, due to economic stagnation and misguided economic and trade policies, India contributes only 3% of the world economic output. But since the dawn of the New Millennium, India has been one of the fastest growing major economies, with rapid increases in per capita income, demand and integration with the world economy. According to the economic forecasting by Goldman Sachs, if India can sustain growth rates in excess of 8% until 2020, India's GDP will exceed that of US before 2050, making it the second largest economy, behind China. This paper looks at the preconditions necessary to maintain and accelerate the growth trajectory for the economic development in India. The Author bases his observations and recommendations on the methodology of Opinion Research.
India's Economic Growth, Productivity Growth, Environmental Degradation, Rural-Urban Migration, Education, India's Employment Potential
