Friday, 27 February 2009

Indian Economy on slow track...

India's economy grew at the slowest rate in almost six years, 5.3% in the quarter ended Dec. 31 2008, signaling the global downturn's impact even in a nation less dependent on exports than others in Asia. Gross domestic product grew 8.9% in the same period the year before and 7.6% in the previous quarter, according to the Central Statistical Organization.

Some of the key issues the economy is facing are:
  • Recessions in key export markets such as the U.S. and Europe have prompted Indian exporters to cut production and lay off workers.
  • Manufacturing output dropped to 0.2%.
  • Capital inflows have all but dried up as risk-averse investors shun emerging markets.
  • Drop in farm production.
  • Indian rupee weakening on daily basis now.
  • Liquidity crunch is affecting infrastructure and capital intensive projects.
  • Country's debts are swelling, that might affect the investment grades of the country.
  • Scheduled elections.
All these issues on a short term seems to be towering on growth meter. My view is economy will be back on track only in the year 2013. It might improve by 2010 but the boom would be witnessed only by the end of fiscal 2013.

Monday, 23 February 2009

Slumdog "Oscar" Millionaire!

Slumdog Millionaire, no doubt one of the best movies made this year. I really liked the movie - the characters, individual performances, direction, cinematography, the flow of the story and the complete package. But was it worth 8 oscars, I doubt!

"Success brings many relatives" goes apt with the movie. The movie is a British movie with how a guy from Indian slums goes on to win million rupees in a show, as a theme. It is not an Indian movie. The media has played bigger role in making movie big and making us believe that its an Indian movie.

I disagree with people criticizing that movie has shown only grey areas and it has depicted India incorrectly. I believe has shown one of the many faces of India, which very much exists. India is too diverse with lots of shades. This movie happens to reflect the negative part. And the criticism makes me believe that the movie is really well made!

If you try to look beyond the horizon, the movie might open avenues for foreign investors investing in redeveloping slums. India might get foreign help in relocating poor and less priviledged people. It opens a host of opportunities for the country.

Congratulation to the Oscar winning team!!! Mr. Rehman you have made a nation of billion people proud. It was long due for you. Though I personally believe you have done a lot better work in some of the bollywood movies (Roja, Bombay to name few) than Slumdog Millionare!!!


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