These are words from Thomas L. Friedman in an interview that appeared in The Financial Express last week. Normally, I read Friedman’s “lectures” on globalization with a grain of salt as I do not believe that it is possible to make a positive or negative case for it without observing the economies on a micro level. But, this interview, which was published a little while after his column “Bangalore: Hot and Hotter”, made me really ponder about how globalization has actually helped India win a proverbial war against social and political stagnation.
The stock market is at an all time high, and is actually showing a somewhat linear curve at present. Definitely, if India were a stock, it would be really prudent to buy as much of it as possible. The economic growth fuelled by the very pro-liberalization attitude of our politicians (in general) has made India the preferred investment destination of the world. Ofcourse, being rich in natural resources and having a good agricultural economic model helps. The population growth over the past years has actually placed the current generation in perfect position to leverage the advantages of globalization. There is no dearth of educated smart people willing to work a 35 hour day.
One of the biggest changes I noticed in India during my trip last month was how the youth is running the show in every field. Economic liberalization and public sector disinvestment pushed by the center has forced a “renaissance” of sorts in how companies portray themselves. The corporate ethical code is mature and enforced well, and the standard of living is very high thanks to the availability of labor and the extensively variable social stratum.
All this positive growth has motivated the common Indian man to dream big and achieve bigger. Just look at the business section of any website like Rediff.com and what do you see! “Tata Steel is world’s best steel producer”, “India’s largest FDI deal signed”, “Now, Indians are a confident lot!”, “From tandoori dhaba to Versace”, “Sensex ends at all time high of 7,145”; these are the headlines that are fueling motivation and pride. Something that has eluded us for so long…
-es