A great, but sobering, assessment by C.P.Chandrasekhar. It has always appeared to me that most companies are only interested in catering to the huge Indian market. It therefore becomes critical to keep a much closer eye on export/sales ratio of EACH industrial or commercial sector. The long term prospects of the IT sector to sustain such earnings can be questionable, as more competition arises from other countries and as the global economy slows down, or when there is no more additional outsourcing from other countries that are struggling with their own unemployment crisis.
Given the kind of infrastructure projects that have been pushed so far (highways, aviation, etc.), it seems clear that the elite running the country have made huge, ongoing imports inevitable. A different path of growth based on the somewhat quaint concepts of self sufficiency and long term sustainability by investing in rail network, renewable energy, modern public transport, etc. would have been better for all
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The Hindu : Business / Economy : Promise belied