Troubled Galaxy Destroyed Dreams, Chapter 456
Palash Biswas
News results for Women's Reservation Bill
The HinduVoting on Women's quota bill deferred till tomorrow - 2 hours ago
Voting on the Women's Reservation Bill was defered by a day as Prime Minister Manmohan Singh called an all-party meeting to work out modalities of passing ...Hindustan Times - 1580 related articles »
Gowda wants Karnataka model in women's Bill - Times of India - 12 related articles »Maya demands quota for SC/ST women - Times of India - 21 related articles »Split in JD(U) over Women's Reservation Bill
3 min 20 sec - 1 day ago
Bihar Chief Minister Nitish Kumar seems to have gone against party line and backed the bill, which will be tabled in Parliament on Monday.
www.youtube.com/watch?v=9SNMWrckJA4 - Related videosCabinet clears Women's Reservation Bill - India - The Times of India
25 Feb 2010 ... Cabinet has cleared the Women's Reservation Bill, one of the most contentious pieces of legislation to have been considered by Parliament, ...
timesofindia.indiatimes.com/...Womens-Reservation-Bill/.../5616611.cms - CachedWomen's Reservation Bill: Lok Sabha adjourned - India - The Times ...
8 Mar 2010 ... SP, RJD and BSP MPs strongly opposed the Women's Bill in Lok Sabha, with one of them trying to climb the Speaker's podium, ...
timesofindia.indiatimes.com/.../Womens-Reservation-Bill.../5657158.cms - 6 hours agoWhat's the Women's Reservation Bill all about?: Rediff.com India News
8 Mar 2010 ... The Women's Reservation Bill has been a political raw nerve for nearly a decade now. It has always triggered heated debates in Parliament ...
news.rediff.com/.../whats-the-womens-reservation-bill-all-about.htm - 9 hours agoCabinet approves Women's Reservation Bill: Rediff.com India News
25 Feb 2010 ... The central government on Thursday night cleared the Women's Reservation Bill, which seeks to provide 33 per cent reservation to women in ...
news.rediff.com/.../cabinet-approves-womens-reservation-bill.htm - CachedLatest results for Women's Reservation Bill
- PauseResumeStopped - More results »
RT @silv3rglee: @shekharkapur How is the women's bill great? How can ppl support Women's Reservation Bill & not the SC / ST quotas? It's ... RT @raoabhijeet: Shopkeepers in Khan Mkt, CP will love the Women's Reservation bill. After all, where will all those women go after stag ...
The Hindu : Front Page : Centre unfazed by opposition to Women's ...
8 Mar 2010 ... NEW DELHI: The government on Sunday expressed the hope that the Women's Reservation Bill, 2008 would be passed in the current session of ...
www.hindu.com/2010/03/08/stories/2010030861150100.htm - 17 hours agoThe Women's Reservation Bill passed by the Bharatiya Janata Party ...
The Women's Reservation Bill recently passed in the Indian Parliament by the Bharaitya Janata Party(BJP) is a violation of individual rights and freedom.
antibjp.tripod.com/events/wbill.html - Cached - SimilarNo pride in Women's Reservation Bill.. : Politics : Abantika Ghosh ...
I am what Mr Sharad Yadav would call a parkati aurat . And I am opposed to the Women's Reservation Bill, athough I doubt I would go to such a vehement ...
blogs.timesofindia.indiatimes.com/.../no-pride-in-women-s - Cached - SimilarWomen's Reservation Bill dangerous: Mulayam Singh Yadav - dnaindia.com
7 Mar 2010 ... The Samajwadi Party chief alleged that the legislation was a 'conspiracy' to prevent Muslims, Dalits, and backward classes from entering ...
www.dnaindia.com/.../report_women-s-reservation-bill-dangerous-mulayam-singh-yadav_1356277 - CachedThe Hindu : National : Cabinet nod for Women's Reservation Bill
26 Feb 2010 ... NEW DELHI: The Union Cabinet on Thursday approved the Women's Reservation Bill, 2008, that seeks to reserve 33 per cent seats for women in ...
www.thehindu.com/2010/02/26/stories/2010022661401000.htm - CachedGlobal Voices Online » India: The Women's Reservation Bill
7 Mar 2010 ... Sandeep Bansal at Desicritics discusses whether the impending enactment of the Woman's reservation bill will make any significant impact to ...
globalvoicesonline.org/.../india-the-womens-reservation-bill/ - 20 hours ago
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No quota within women\'s quota for now: GovtIBNLive.com - 8 hours ago New Delhi: Congress on Monday ruled out any major chance in the Women's Reservation Bill. Union Law Minister Veerappa Moily said that there is no proposal ... Gowda wants Karnataka model in women's Bill Times of India Quota puts power in women NDTV.com Include OBC quota in Women Reservation Bill- Gowda Mangalorean.com Protest outside Parliament against delay in clearing women's BillTimes of India - 1 hour ago ... were detained by Delhi Police for blocking traffic near Parliament this evening protesting the delay in the passage of the Women's Reservation Bill. ... We will overcome: Cong on Women's BillIBNLive.com - 2 hours ago ... for their "churlish" attempts to derail the women's reservation bill but said the government was determined to pass the history-making legislation. ... Mulayam calls women's bill a conspiracyHindustan Times - 5 hours ago Lok Sabha was adjourned for the third time this afternoon when SP, RJD and JD(U) members trooped into the well protesting the Women's Reservation Bill in ... Womans group protests governments inability to bring reservation billLittle About (blog) - 2 hours ago The UPA Government has tried to introduce the Bill on the occasion of International Womens Day celebration. The protestors also blocked traffic near Vijay ... Women corporators come of age Times of India 'Women's Bill not cause of worry for minorities'Press Trust of India - 5 hours ago New Delhi, March 8 (PTI) Minority Affairs Minister Salman Khurshid today rejected suggestions that the Women's Reservation Bill goes against the interests ... A privilege to serve Indian Express Chequered history of women's reservation billTimes of India - 2 hours ago 1998 -- The bill is re-introduced in the 12th Lok Sabha as the 84th Constitutional Amendment Bill by the National Democratic Alliance (NDA) government ... Maya demands quota for SC/ST womenTimes of India - 14 hours ago LUCKNOW: BSP supremo Mayawati does not support the Women's Reservation Bill in its present form. She has sought an amendment in the bill to include a quota ... BSP not to support women's bill without changes Press Trust of India Mayawati opposes Bill in present form The Hindu UPA\'s attitude on Women Bill autocratic: JDU MPIBNLive.com - 2 hours ago ... we members do -we have to disrupt the house. I demand the withdrawal of the Bill. There is no question of discussion as they have not taken our view point. Stay up to date on these results:Did you mean: Women's bill |
The base rate muddleEconomic Times - - 14 hours ago ... virtually bids adieu to the principles of free market that have been guiding policy-making since the onset of economic reforms in India two decades ago. ... India's Ruling Party Loses Support Over Women's BillNew York Times - - 2 hours ago ... its election-winning platform of inclusive growth, but which might lose some political capital needed to push economic reforms and maintain high growth. ... I want young blood in this industry bodyLivemint - - 21 hours ago Pradeep Gaur/Mint The economic reforms are still pending. The goods and services tax (GST) is a big reform. After so many decades a taxation reform is ... New FICCI chief against hike in interest rates Economic Times Reforms to fuel long-term growth storyEconomic Times - - Feb 26, 2010 The Budget does signal, unambiguously, that economic reforms remain on track. There is an effort to re-target fertiliser subsidies along with oil subsidy ... Ajit Ranade: Batting above average Business Standard Aiming for 9% GDP growth: Pranab Zee News FACTBOX-Key political risks to watch in IndiaReuters - - Mar 1, 2010 IN10YT=RR -- If food prices continue to stoke social discontent, the government may feel less inclined to push ahead with economic reforms, with a broadly ... The ant tribeHindustan Times (blog) - 19 hours ago Over 30 years since the start of China's economic reforms, thousands of student migrants still live in similar conditions in Beijing. ... Indian growth miracle faces threatEconomic Times - - Feb 25, 2010 At least three recent policy initiatives place a question mark on India's determination to hold the line on reforms and therefore on its emergence as a ... Call to view Indo-Pak ties in post-Zia, Rajiv contextThe News International - - 14 hours ago Economic reforms: There was 'huge disillusionment' with the economic reforms initiated since 1990s because the growth was not 'inclusive. ... Nepal: INDIA'S BUDGET 2010-2011Telegraphnepal.com - 9 hours ago ... windows for the much needed tax and economic reforms, including privatization, and liberalization of the FDI regime into more sectors of the economy. ... You change some, you retain someBusiness Standard - Feb 25, 2010 Economic reforms now have to be justified on the grounds of achieving inclusive growth! The change is not just in the naming of the chapter. ... India will return to 9% growth path soon: Survey Hindu Business Line Survey: deepen reforms, make growth inclusive Financial Express Stay up to date on these results: |
RBI's base rate norms not to impact bank margins: BoB
NDTV ProfitEmail this storyNagarjuna Construction bags Rs 1221 cr contract
Food inflation to ease in two months: Montek Singh
"We are not opposing the bill per se. We want, and the nation wants, that the reservation should be given to backward women who don't have resources. The real India should be empowered. Give them 50 percent reservation. We will not oppose that," said RJD chief Lalu Prasad. more by Lalu Prasad - 1 hour ago - IBNLive.com (8 occurrences) |
Government seeks to cut stake in State Bank of India to 51%
NEW DELHI: Government on Monday sought parliamentary approval to cut its stake in top lender State Bank of India to 51 percent from 55 percent,
The central government had earlier said it would move to cut its holdings in state-run banks while retaining majority control, but has faced political and union opposition.
The government owns 59.41 percent of State Bank of India (SBI) and already has lawmakers' approval to trim it to 55 percent.
On Monday, Finance Minister Pranab Mukherjee introduced in parliament a bill seeking approval for SBI to raise capital by a public issue or private placement of shares or through a rights issue.
SBI shares were up 2.5 percent at Rs 2,096 by 1:12 p.m., outpacing the 1 percent rise in the broader market and the 1.25 percent rise in the bank index.
- 'Over 24,000 cr spent on defence equipment purchase till Feb'
- Govt plan to recapitalise PSU banks is credit positive
- Quest for fast growth lands India's microfinance institutions in soup
- Plan panel may allocate more for JNNURM
- FICCI decries MAT rate hike, calls for 26 pc peak rate
India needs new banks
4 Mar 2010, 0538 hrs IST
Govt and RBI are completely off the track, if they indeed plan, as reported, to restrict new banking licensees to rural areas and no-frills accounts for the first couple of years.
Every penny we spend goes to common man: FM
1 Mar 2010, 0700 hrs IST, Deepshikha Sikarwar & Vinay Pandey
Industry was pleased that the rollback of stimulus was well-calibrated while taxpayers were happy with an unexpected bounty. Check out the impact of Budget 2010
Sharp movements in markets to be sector-specific
1 Mar 2010, 0700 hrs IST, Nishanth Vasudevan
Market participants expect the focus to turn to global events and sharp movements on either sides to be more stock-specific.
Union Budget 2010: Reading between the lines
1 Mar 2010, 0424 hrs IST, Mythili Bhusnurmath
Budget 2010 conceals a worsening in the quality of the fiscal deficit.
Partial rollback of fiscal stimulus in line with mkt expectations
1 Mar 2010, 0310 hrs IST
The market appears to have given a thumbs up to the Union Budget for 2010-11 with the Nifty ended up 62 points to close the session at 4,922, a gain of 1.6% during the week.
Sensible MF investing not about following events
1 Mar 2010, 0308 hrs IST, Dhirendra Kumar
There is no longer a Budget impact so much as businesses which use the conditions created to make an impact.
PSBs to see capital infusion of Rs 16,500 cr
1 Mar 2010, 0246 hrs IST
Most analyst feel that about half the sum announced would be money that govt received from WB.
All set for super regulator in financial sector
1 Mar 2010, 0240 hrs IST
The government has set the ball rolling for the creation of a super regulator in the financial sector with the proposed creation of Financial Stability & Development Council.
Mixed bag for non-life cos
1 Mar 2010, 0236 hrs IST
While the government has rolled back its decision to tax unrealised gains on investments it has decided to impose withholding tax on all cross border payments.
Health insurance costs set to soar
1 Mar 2010, 0233 hrs IST
Health insurance costs are set to soar with the government deciding to impose service tax on payments made by insurance companies to hospitals in settlement of claims where policyholders had received cashless service.
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Editorial Mouse trap Rats in human habitations are older than recorded history. LED, kindly light A proposal to set up a solid-state LED project deserves encouragement. Towards women's equalityMove to reserve one-third of seats in the Lok Sabha for women is welcome. | ||
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ET Coverage: Rly Budget 2009
15 Feb 2010, 1314 hrs IST
ET Coverage: Budget 2009
15 Feb 2010, 1230 hrs IST
Budget: How & Why
9 Feb 2010, 1427 hrs IST
Through the budgetary process, the Parliament authorises the government to collect funds by way of taxes, duties, cess, borrowings. The funds so collected are used, with the approval of Parliament, to meet its expenditure.
Past FMs: Men who read between numbers
9 Feb 2010, 1424 hrs IST
Decoding the Budget jargon
8 Feb 2010, 1124 hrs IST
The finance minister's budget speech may be ridden with jargon, but its core is no different from that of a household budget.
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http://economictimes.indiatimes.com/Opinion/Budget-Basics/articlelist/5551820.cms
India ranks 99 in world in women participation in politics but the controversial Woman`s Bill has Nothing to do with Woman`s EMPOWERMENT rather it is a Strategy to Break the Opposition Unity in Resistance in and out of parliament against the Economic Ethnic Cleansing, Price rise, Jobloss, Inflation and Taxation loaded against the Masses. The Congress on Monday said it is a 'shame' that the Women's Reservation Bill is facing so much opposition. "It's wastage of the day (International Women's Day).
The SENSEX goes Gaa Gaa as Market believes that there would not be any Hinderance in the grand Highway of Economic Reforms based on Infrastructure, IT, Government Expanditure and Disinvestment to make way for Neo Libearlism Continue and Finacial Legislation Complete to enhance face less Foreign Capital Inflow in FDI, FII and LPG raj.Equities ended on a positive note on Monday after giving up some of intra-day gains. Auto, banks and pharma ended higher while realty, metals and PSU stocks witnessed profit booking.
On the other hand , the Bill Provides back door quota for the Brahamins and caste hindus on the name of Reservation since the SC, ST, OBC and Minority share is not earmarked. The Parliament would Indulge in the Drama and the Budget session would remain Irrelevant as India Incs make all the Governance, Legislation and policy making led by inserted Extra constitutional elements like Montek singh Ahluwalia, Nandan nilekani, Sam Pitroda and Company!
Unruly MPs hold up women's quota bill!The Indian government has reintroduced a bill which would reserve a third of all seats in the national parliament and state legislatures for women. Law Minister Veerappa Moily tabled the bill amid loud protests from opponents.
Masterstroke to Kill Debate on Economic Reforms, Price rise, Inflation, Job Loss,Budget and Disinvestment as well as Land acquisition as Quota Conflict Intercepts Woman`s Bill on Woman`s Day with Yet Another Withdrawal Drama!Rashtriya Janata Dal (RJD) leader Lalu Prasad and Samajwadi Party (SP) chief Mulayam Singh Yadav on Monday said they would stall proceedings in Parliament, irrespective of the consequences, if the government pushed through the Women's Reservation Bill. ...Voting on a historic bill that reserves 33 percent of legislative seats for women was deferred till Tuesday after a dozen members opposing it tore up the document and hurled pieces at Rajya Sabha chairman Hamid Ansari.
The Constitution amendment bill was tabled in the Rajya Sabha amidst unruly scenes with members belonging to the Samajwadi Party (SP), Rashtrtiya Janata Dal (SP) and an expelled member of the Janata Dal (United) almost attacking Ansari.
After five adjournments, the Rajya Sabha was adjourned for the day at 1800 hours without the bill being taken up despite the government claiming that it had the numbers to carry the legislation through.
After repeated disruptions, Prime Minister Manmohan Singh called a meeting of political parties supporting the bill where the Bharatiya Janata Party (BJP) and the Communist Party of India-Marxist (CPI-M) said the proposed legislation should be discussed and then put to vote.
The Prime Minister is expected to hold an all-party meeting on Tuesday to discuss a way out for adopting the legislation.
The Prime Minister, Dr. Manmohan Singh, is attending a Congress party meeting to formulate the floor strategy for ensuring the passage of the Women's Reservation Bill, which has been held up for more than a decade.
The meeting is taking place at Congress president Sonia Gandhi's 10, Janpath residence. The Prime Minister is consulting with Leader of the House and Finance Minister Pranab Mukherjee, Sonia Gandhi's political secretary Ahmed Patel and Parliamentary Affairs Minister P.K. Bansal.
The strategy is likely to see the light of day after the Rajya Sabha convenes for another session from 2 p.m.The meeting is taking place after the Rashtriya Janata Dal (RJD) and the Samajwadi Party (SP) announced that they were withdrawing outside support to the UPA Government over its determination to table the Bill.
Both parties have described the Bill as discriminatory, and not supportive of women who belong to the minorities, the Dalits and the Other Backward Classes (OBCs). Leaders of the two parties –Lalu Prasad and Mulayam Singh Yadav- said they have instructed their 27 MPs – 23 from the SP and four from the RJD- to quit.
The Yadavs' threat
The SP and the RJD have decided to withdraw support to the Congress-led government, alleging that the bill doesn't help "backward women".
"We are not opposing the bill per se. We want, and the nation wants, that the reservation should be given to backward women who don't have resources. The real India should be empowered. Give them 50 percent reservation. We will not oppose that," said RJD chief Lalu Prasad.
The two leaders said their parties would vote against the bill, as it does not provide reservation for Muslim women and those belonging to Other Backward Communities (OBCs).
The Bharatiya Janata Party (BJP), which has decided to support the bill, accused the government of poor floor management in Parliament. Ravi Shankar Prasad, the party's Rajya Sabha MP, demanded that there be a discussion on the bill.
"We want this bill to be passed with proper debate and it is the responsibility of the government to ensure this eventuality in the house. Let us try to trust the managerial ability of this government which is coming in to question with every passing hour," said Prasad.
CPI-M leader Brinda Karat alleged the government cannot be trusted to get the bill passed after it "failed" to protect Ansari from unruly MPs.
House shame
At 1400 hours, Law Minister M Veerappa Moily tabled the bill before the Rajya Sabha amid unprecedented pandemonium.
SP members Nand Kishore Yadav and Kamal Akhtar were seen attempting to climb on to Ansari's table. Yadav uprooted the mike and threw the stationery kept on Ansari's table. Security personnel shielded Ansari and prevented members from climbing on the table.
Akhtar climbed a table used by Rajya Sabha reporters and chanted slogans against the bill. Some members, including RJD's Rajniti Prasad, tore a copy of the bill and threw pieces towards Ansari.
Ansari adjourned the House till 1500 hours and engineers immediately fixed his mike.
When the house reassembled at 1800 hrs IST after five adjournments, Vice Chairman P J Kurien adjourned it till 11 a.m. Tuesday, when the bill is likely to be taken up for discussion.
India ranks 99 in world in women participation in politics
As the country debates the Women's Reservation Bill, data on Parliaments across the world show that India, the largest democracy, lags much behind other countries, including its neighbours Pakistan and Bangladesh, when it comes to participation of the fair sex in politics.
With only 10.8 percent of women representation in the Lok Sabha and 9.0 percent in the Rajya Sabha, India ranks 99 in the world, according to the comparative data by the Inter-Parliamentary Union, an international organisation that works for promoting democracy, peace and co-operation among people in the world.
The figure, however, is better than that of last year as only nine percent of the members in Lok Sabha and 9.5 percent in the Upper House were women in January 2009.
India ranks 50 places below Pakistan which is placed at 49 in the list with 22 percent women representation in its Lower House and 17 percent in the Upper House.
While the Communist country is placed at 55 in the list with 21.3 percent women representation, Bangladesh is ranked 67th with 18.3 percent female participation in national politics, the data revealed.
Vote on Women's Bill deferred, PM calls all-party meet on Tue
| NDTV Correspondent, Monday March 8, 2010, New Delhi |
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Voting has been deferred as the BJP and the Left, both in Opposition but supporting this Bill, would like a debate before the Bill is voted upon and they met the Prime Minister to say this. UPA allies are keen on consensus before a vote.
The BJP criticised the government for "not having a strategy" for the Bill's passage. "The government should have a roadmap and strategy for passing such an important bill. We are not in favour of passing such a vital bill without a discussion. It (a discussion) is a requirement for a Constitutional Amendment as the basic structure of the Constitution will change," Deputy Leader of BJP in Rajya Sabha S S Ahluwalia said.
"This has been an anti-climax. Some say we already knew this was going to be anti-climax. We all knew Lalu and Mulayam's position on this. We have given full support to this Bill. Our members are here and yet the government is not ready," reacted Arun Jaitley, Leader of Opposition in the Rajya Sabha.
Both the BJP and the Left were also keen that the Bill be discussed and voted upon on Monday itself. "We want a debate today itself, if not today then it won't be fair. The methodology has to be worked out by the government. If the government backs out, this government should be ashamed," said BJP spokesman Ravi Shankar Prasad. (Watch: BJP pushes for debate before vote on Women's Bill) The question: "What will change between today and tomorrow?"
Tomorrow, the Prime Minister has also convened an all-party meeting to discuss how to move forward on the Bill. In the meantime, senior Congress leaders Pranab Mukherjee and Ahmad Patel have been meeting allies one-by-one.
Monday saw repeated disruption of Parliament proceedings and those opposing the Bill made clear they would not relent. Both Houses of Parliament were adjourned repeatedly, with traditional opponents of the Women's Bill, the Samajwadi Party and the RJD, also announcing that they were withdrawing support to the UPA. (Read & Watch: Mulayam, Lalu withdraw support to govt)
At 2 p.m., after repeated adjournments, Law Minister Veerappa Moily moved the Women's Reservation Bill in the Rajya Sabha, but the House had to be adjourned soon after as members of the Samajwadi Party and others opposed to the bill tore up copies of the bill and threw them at Chairman Hamid Ansari.
The MPs rushed into the well of the House ripping off mikes and tearing the Bill. Leaders of parties supporting the Bill later met Ansari in his chamber to apologise for the unruly behaviour of the members who prevented the Bill from being taken up for consideration in the House. (Watch: Chaos in Parliament over Women's Bill)
JD(U) President Sharad Yadav regretted the behaviour of the MPs and said in such situations, the speaker has the right to act, "This is a very unfortunate day for India's democracy. The people who tore papers and went to the Speaker are individual MPs. I condemn such acts. In such situations, the Speaker has the right to act. He can do whatever he wants. But passing a constitutional amendment through Marshals has never happened in India."
The Mulayam Singh Yadav and Lalu Prasad threat of withdrawal of support has ramifications beyond the Women's Bill. Set to table and get the Women's Reservation Bill passed in the Rajya Sabha on International Women's Day, the UPA government is now faced with the possibility of having to get the Budget passed on a wafer-thin majority. While it does not need the support of Mulayam and Lalu to pass the Women's Bill, since the BJP and the Left will vote in favour, it will find itself on very thin ice on other legislation, like the crucial Finance Bill, without the buffer of the 22 Samajwadi Party MPs and 4 RJD MPs in the Lok Sabha. (Read: Why Lalu-Mulayam exit worries govt)
The UPA has 276 members in the Lok Sabha. That gives it a margin of just 3 over the 273 votes required to push legislation through in the 545-member House. It is in touch with Independents and rebels.
The BJP asks: Has the government got cold feet?
Also See:
Women's Bill: The number game
Women's bill - journey so far | Reality at last?
Constitutional provision for Women's Bill to be passed
Watch: Will review the decision, says Lalu
Watch: Mulayam Singh withdraws support over Women's Bill
http://www.ndtv.com/news/india/womens-bill-tabled-in-rajya-sabha-copies-torn-17381.php
Related
Timeline of articles
Unruly MPs hold up women's quota bill 1 hour ago - IBNLive.com | |
Women's Day: 33% quota set to become reality 16 hours ago - Times of India | |
Mulayam calls women's bill a conspiracy Mar 7, 2010 - Hindustan Times | |
SP's minority excuse against women's Bill Mar 6, 2010 - IBNLive.com | |
Left, Right and Centre, all want credit for Women's Bill Mar 6, 2010 - Times of India | |
Women's bill promises hopes to many in politics Mar 6, 2010 - NDTV.com | |
BJP, Cong issue whips; House set for bedlam Mar 5, 2010 - Times of India | |
Women's quota bill set to pass on March 8 Mar 4, 2010 - Times of India |
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NDTV.com - Mar 6, 2010 Watch video
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ET Headline Daimler selling Tata Motors stake for $429 mn 8 Mar 2010, 1750 hrs IST, REUTERS
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iness Standard Email this storyPratip Kar: Primary market and PSU disinvestmentBusiness Standard - - 20 hours ago All this happened despite the reported assurances and expert advice of some of India's leading investment bankers and optimistic brokers, ... Sensex holds 17K on banking, auto stocksNDTV.com - 6 hours ago The government has estimated Rs 40000 crore from disinvestment for FY 2010-11. In the Union Budget on February 26 the government said it would raise Rs ... Disinvestment target of Rs 40000 cr modest: FMThe Hindu - Mar 4, 2010 This fiscal, disinvestment has been made in Oil India Ltd, NHPC, NTPC, while the issue of Rural Electrification Corporation closed recently for subscription ... Govt eyeing Rs 50000 cr disinvestment in PSUs by FY11 Business Standard Email this storyMore than Rs 25000 cr from disinvestment this yearBusiness Standard - Mar 4, 2010 For 2010-11, the government has set a much higher disinvestment target of Rs 40000 crore. Coal India, Bharat Sanchar Nigam Ltd, Steel Authority of India Ltd ... NMDC FPO: The price debate continues NDTV.com Govt likely to set NMDC FPO 30-35% lower Economic Times NMDC follow-on offer to open on March 10 Daily News & Analysis Zero Fees to End as India Tightens Rules for Sell-OffBusinessWeek - - 15 hours ago ... secretary of the department of disinvestment, said in an interview in New Delhi. Stakes in Steel Authority of India Ltd., Engineers India Ltd., ... Market likely to stay in trading zoneEconomic Times - 19 hours ago "The short-term market will remain in trading band and is expected to move 5-10% on either side, depending on the flow of developments in India and globally ... Market gives thumbs up to Budget NDTV.com The Khaas Aadmi Budget Outlook BSNL may divest 10% stakeTelecomTiger - 12 hours ago But with its employee Unions strongly opposing any move of disinvestment of the PSU, it would have been difficult for BSNL to practically go such a kind of ... BSNL scraps $10 billion mobile lines tender Daily News & Analysis Email this storyStake sale in SAIL, MOIL on cards: steel secyBusiness Standard - Mar 4, 2010 Manganese Ore (India) is also a potential candidate for disinvestment, Chaturvedi said. MOIL was formed with 51 per cent capital held between the Central ... SAIL in talks to acquire technology from overseas cos Financial Express New road funds to help lift India steel demand Moneycontrol.com Steel ministry still for duty hike on ore Daily News & Analysis Stay up to date on these results: |
Union Budget 2010: Is Indian auto sector out of woods?Economic Times - - 5 hours ago Well, possible reason could be increase in disposable income of consumers with significant relief on personal taxation. It would be important to consider ... Essar eyes London listing: ReportChandigarh Tribune - 20 hours ago PTI The Excise and Taxation Department has made e-filing of the VAT returns mandatory for all. The order will come to effect in the January-March quarter ... Slow & steady: The road to DTCMoneycontrol.com - 8 hours ago The release of the Discussion Paper on the DTC in the monsoons of 2009 was the first initiative of simplifying the prevalent tax system in India . ... No more tax-free giftsMoneycontrol.com - 9 hours ago Therefore, a foreign company receiving shares of a closely held company would be subjected to tax in India on receipt of shares in India under newly ... Budget 2010 â€" More cheers than fears! BloombergUTV Email this storyBudget 2010: Cenvat, service tax aligned on way to GSTEconomic Times - Feb 26, 2010 The GST, will not just boost consumption but also bring about efficiency in the overall indirect taxes regime, a major demand of India Inc. Yet, ... Video: Fuel price hike: Opposition up in arms NDTV.comCleverly drafted Budget, will spur growth and also inflation Hindu Business Line Tax relief fillip to the consumer durables sector Daily News & Analysis Talking to 20 countries on black money: PMTimes of India - Mar 5, 2010 NEW DELHI: India has prioritised a list of 20 countries and jurisdictions for negotiation of tax treaty facilitating exchange of information on ill-gotten ... Govt in talks with 20 tax havens for information Hindu Business Line Email this storyBudget 2010-11: Equity deals at lower than FMV : A new tax trap?domain-B - Feb 27, 2010 Consequently the difference between the fair market value and the purchase price would be subjected to tax in India. Private Placements and venture capital ... It's a bold and inclusive pronouncement Daily News & Analysis Proposals for Services Sector Growth Wall Street Journal Budget for aam aadmi Kolkata Mirror Times guide to corporate taxTimes of India - Feb 26, 2010 I: Payments made to non-residents for provision of services outside India will now get covered by the tax net. Even payments for such transactions concluded ... MAT hike to 18% a negative move: Dinesh Kanabar Moneycontrol.com TAX BLOW - MAT is what matters more for companies Hindustan Times ePaper Employee stock benefit schemes taxationFinancial Express - 21 hours ago It is clarified that a recognised stock exchange means a stock exchange (SE) in India which is recognised by the Central Government. ... Irregular Tax exemption of Rs. 1206 crore in Assam: CAGThe Hindu - Mar 6, 2010 ... exemption of tax of Rs 1026 crore on tax paid sales without any supporting documents, says a report by the Comptroller and Auditor General of India. ... Stay up to date on these results: |
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Manmohan explains what led to price rise in IndiaIBNLive.com - Mar 5, 2010 SPIRALLING PRICES: Manmohan Singh assured the House his govt will do its best to check price rise. ibnlive.com is on mobile now. Read news, watch videos be ... PM defends govt on price rise Business Standard Govt to take all practical steps to curb price rise: PM All India Radio Union Budget 2010: Is Indian auto sector out of woods?Economic Times - - 5 hours ago By the time you read this article, you would have seen price rise across the board!! What's the reason? Is it due to the partial rollback of fiscal stimulus ... Email this storyMassive protests against price rise across IndiaOneindia - Mar 7, 2010 Guwahati /Imphal /Shimla, Mar 7 (ANI): Various political parties and other groups staged massive demonstrations the against price rise in different Indian ... Centre bending down for curtailing price riseTopNews - - Mar 6, 2010 In a media meet on the Platinum Jubilee celebrations of the Reserve Bank of India, Mr. Pranab Mukherjee expressed that the shortage in the supply of such ... Market gives thumbs up to Budget NDTV.com Is the General Budget people-friendly? Central Chronicle Essar Buys Overseas Coal Mine Amid Tighter SupplyBusinessWeek - - 6 hours ago Including thermal coal needed for power generation, imports by India, the world's second-most populous nation, will rise 30 percent to 76 million tons in ... Jagran Prakashan an attractive buy in media spaceEconomic Times - 14 hours ago Going forward, the market expects a rise in newsprint prices considering fluctuations in rupee-dollar rates. Some observers expect newsprint costs to rise ... Gandhi signals support for fuel price riseMoneycontrol.com - Mar 4, 2010 In January, the Reserve Bank of India surprised markets with a bigger-than-expected rise in banks' cash reserve requirements, but left the borrowing rates ... Video: Fuel price hike to stay UTViSonia signals support for fuel price rise, to brief allies Indian Express Sonia Gandhi supports raising finances for social sector schemes Business Standard India Car Sales Surge on Easy LoansWall Street Journal - - 7 hours ago The tax hike was widely expected and drove many auto makers to raise prices by around the same quantum. Local car sales at Maruti Suzuki India Ltd., ... Email this story'Manipur will take part in price rise rally in New Delhi'MorungExpress - 20 hours ago Businessmen control the prices of goods here in state while the Centre has failed in taking up measure to check the price rise, said Sotin Kumar. CPI supporters leaving for Delhi E-Pao.net Email this storyMonday Market Monitor - India - WEEK 09 - Bullish on duty hikeSteelGuru - 9 hours ago On the other hand rise in flat product prices in India is being attributed to booming demand from consuming sectors especially auto segment. ... Stay up to date on these results: |
Market gives thumbs up to BudgetNDTV.com - Mar 6, 2010 Fears of rise in interest rates following rise in food inflation weighed on the sentiment. The BSE 30-share Sensex was down 28.31 points or 0.17 per cent to ... 'Monetary expansion not to blame for inflation' Hindu Business Line FM in Mumbai today to meet regulators Economic Times Markets remain firm; auto banking stocks upNDTV.com - 8 hours ago A good harvest is likely to bring down food inflation, which accelerated to nearly 18 per cent in late February. The government, facing mounting criticism ... Market seen taking a pause after three-day gains BloombergUTV Email this storyWhat happened at the RBI board meeting?Livemint - 19 hours ago I will not be surprised if the industry decides to wait for State Bank of India (SBI) to take the lead and follow the SBI base rate blindly, irrespective of ... Video: Base rate deadline for banks extended to July 1 NDTV ProfitEmail this storyIndia's Inflation Index With New Base Year From May 14RTT News - 8 hours ago (RTTNews) - The new wholesale price-based index for measuring inflation will be in force from May 14 with 2004-05 as the base year. ... India Food Inflation May Quicken on Freight RatesBusinessWeek - - Mar 3, 2010 March 4 (Bloomberg) -- India's food-price inflation rate stayed above 17 percent for a sixth week and may accelerate after truckers raised ... Food inflation may affect revenues of cos: India Inc Times of India 10-yr bond yield hits 8.02 pc, 17-month highEconomic Times - 5 hours ago MUMBAI: India's benchmark 10-year government bond yield hit its highest in 17 months on Monday as the worst sell-off in US Treasuries in nearly a month on ... Indian Bond Yields Rise Past 8% on Inflation Concern, BorrowingBusinessWeek - 9 hours ago By V. Ramakrishnan March 8 (Bloomberg) -- India's 10-year bonds fell for a third day, pushing yields to the highest level in 17 months, on speculation ... Interest rate hike won't trigger a panic in market: Kotak AssetEconomic Times - 19 hours ago ... interest rates are likely to firm up near term on a combination of the Reserve Bank of India (RBI) trying to tackle inflation, says Alroy Lobo, ... Cut red tape, don't police coupons: Kaushik BasuEconomic Times - 18 hours ago That is an option on the table in case the inflation becomes more widespread. The Reserve Bank of India is monitoring the situation. If the inflation goes ... Inflation Shadow Is A Part Of Higher GDP istockAnalyst.com (press release) Email this storyPM defends govt on price riseBusiness Standard - Mar 5, 2010 Defending his government on the issue of price rise, Prime Minister Manmohan Singh today assured of all practical steps to curb inflation. At the same time, ... UPA all out to rein in price rise: PM Chandigarh Tribune Inflation – Reasons and Solutions Blog of India (blog) Stay up to date on these results: |
Economic liberalisation in India
From Wikipedia, the free encyclopedia
The economic liberalisation in India refers to ongoing reforms in India that started in 1991. After Independence in 1947, India adhered to socialist policies. In the 1980s, Prime Minister Rajiv Gandhi initiated some reforms. In 1991, after the International Monetary Fund (IMF) had bailed out the bankrupt state, the government of P. V. Narasimha Rao and his finance minister Manmohan Singh started breakthrough reforms. The new policies included opening for international trade and investment, deregulation, initiation of privatization, tax reforms, and inflation-controlling measures. The overall direction of liberalisation has since remained the same, irrespective of the ruling party, although no party has yet tried to take on powerful lobbies such as the trade unions and farmers, or contentious issues such as reforming labor laws and reducing agricultural subsidies.[1]
As of 2009, about 300 million people — equivalent to the entire population of the United States — have escaped extreme poverty.[2] The fruits of liberalisation reached their peak in 2007, with India recording its highest GDP growth rate of 9%.[3] With this, India became the second fastest growing major economy in the world, next only to China.[4] An Organisation for Economic Co-operation and Development (OECD) report states that the average growth rate 7.5% will double the average income in a decade, and more reforms would speed up the pace.[5]
Indian government coalitions have been advised to continue liberalisation. India grows at slower pace than China, which had liberalised economy in 1978.[6] McKinsey states that removing main obstacles "would free India's economy to grow as fast as China's, at 10 percent a year".[7]
Contents[hide] |
[edit] Pre-liberalisation policies
Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian socialism. Policy tended towards protectionism, with a strong emphasis on import substitution, industrialization, state intervention in labor and financial markets, a large public sector, business regulation, and central planning.[8] Five-Year Plans of India resembled central planning in the Soviet Union. Steel, mining, machine tools, water, telecommunications, insurance, and electrical plants, among other industries, were effectively nationalized in the mid-1950s.[9] Elaborate licences, regulations and the accompanying red tape, commonly referred to as Licence Raj, were required to set up business in India between 1947 and 1990.[10]
Before the process of reform began in 1991, the government attempted to close the Indian economy to the outside world. The Indian currency, the rupee, was inconvertible and high tariffs and import licensing prevented foreign goods reaching the market. India also operated a system of central planning for the economy, in which firms required licenses to invest and develop. The labyrinthine bureaucracy often led to absurd restrictions — up to 80 agencies had to be satisfied before a firm could be granted a licence to produce and the state would decide what was produced, how much, at what price and what sources of capital were used. The government also prevented firms from laying off workers or closing factories. The central pillar of the policy was import substitution, the belief that India needed to rely on internal markets for development, not international trade — a belief generated by a mixture of socialism and the experience of colonial exploitation. Planning and the state, rather than markets, would determine how much investment was needed in which sectors.
[edit] Impact
- The low annual growth rate of the economy of India before 1980, which stagnated around 3.5% from 1950s to 1980s, while per capita income averaged 1.3%.[12] At the same time, Pakistan grew by 5%, Indonesia by 9%, Thailand by 9%, South Korea by 10% and in Taiwan by 12%.[13]
- Only four or five licences would be given for steel, power and communications. License owners built up huge powerful empires.[11]
- A huge public sector emerged. State-owned enterprises made large losses.[11]
- Infrastructure investment was poor because of the public sector monopoly.[11]
- License Raj established the "irresponsible, self-perpetruating bureaucracy that still exists throughout much of the country"[14] and corruption flourished under this system[4].
[edit] Rajiv Gandhi government (1984-1989)
In the 80s, the government led by Rajiv Gandhi started light reforms. The government slightly reduced License Raj and also promoted the growth of the telecommunications and software industries.[citation needed]
The Vishwanath Pratap Singh government (1989–1990) and Chandra Shekhar government (1990–1991) did not add any significant reforms.
[edit] Narasimha Rao government (1991-1996)
[edit] Crisis
The assassination of prime minister Indira Gandhi in 1984, and later of her son Rajiv Gandhi in 1991, crushed international investor confidence on the economy that was eventually pushed to the brink by the early 1990s.
As of 1991, India still had a fixed exchange rate system, where the rupee was pegged to the value of a basket of currencies of major trading partners. India started having balance of payments problems since 1985, and by the end of 1990, it was in a serious economic crisis. The government was close to default[15], its central bank had refused new credit and foreign exchange reserves had reduced to the point that India could barely finance three weeks' worth of imports.
A Balance of Payments crisis in 1991 pushed the country to near bankruptcy. In return for an IMF bailout, gold was transferred to London as collateral, the Rupee devalued and economic reforms were forced upon India. That low point was the catalyst required to transform the economy through badly needed reforms to unshackle the economy. Controls started to be dismantled, tariffs, duties and taxes progressively lowered, state monopolies broken, the economy was opened to trade and investment, private sector enterprise and competition were encouraged and globalisation was slowly embraced. The reforms process continues today and is accepted by all political parties, but the speed is often held hostage by coalition politics and vested interests.
– India Report, Astaire Research[4]
[edit] Reforms
The Government of India headed by Narasimha Rao decided to usher in several reforms that are collectively termed as liberalisation in the Indian media. Narasimha Rao appointed Manmohan Singh as a special economical advisor to implement liberalisation.
The reforms progressed furthest in the areas of opening up to foreign investment, reforming capital markets, deregulating domestic business, and reforming the trade regime. Liberalisation has done away with the Licence Raj (investment, industrial and import licensing) and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors.[16] Rao's government's goals were reducing the fiscal deficit, privatization of the public sector, and increasing investment in infrastructure. Trade reforms and changes in the regulation of foreign direct investment were introduced to open India to foreign trade while stabilizing external loans. Rao's finance minister, Manmohan Singh, an acclaimed economist, played a central role in implementing these reforms. New research suggests that the scope and pattern of these reforms in India's foreign investment and external trade sectors followed the Chinese experience with external economic reforms.[17]
- In the industrial sector, industrial licensing was cut, leaving only 18 industries subject to licensing. Industrial regulation was rationalized.[15]
- Abolishing in 1992 the Controller of Capital Issues which decided the prices and number of shares that firms could issue.[15][18]
- Introducing the SEBI Act of 1992 and the Security Laws (Amendment) which gave SEBI the legal authority to register and regulate all security market intermediaries.[15][19]
- Starting in 1994 of the National Stock Exchange as a computer-based trading system which served as an instrument to leverage reforms of India's other stock exchanges. The NSE emerged as India's largest exchange by 1996.[20]
- Reducing tariffs from an average of 85 percent to 25 percent, and rolling back quantitative controls. (The rupee was made convertible on trade account.)[21]
- Encouraging foreign direct investment by increasing the maximum limit on share of foreign capital in joint ventures from 40 to 51 percent with 100 percent foreign equity permitted in priority sectors.[22]
- Streamlining procedures for FDI approvals, and in at least 35 industries, automatically approving projects within the limits for foreign participation.[15][23]
- Opening up in 1992 of India's equity markets to investment by foreign institutional investors and permitting Indian firms to raise capital on international markets by issuing Global Depository Receipts (GDRs).[24]
- Marginal tax rates were reduced.
- Privatization of large, inefficient and loss-inducing government corporations was initiated.
[edit] Other
[edit] Later reforms
- Atal Bihari Vajpayee's administration surprised many by continuing reforms, when it was at the helm of affairs of India for five years.[25]
- The Vajpayee administration continued with privatization, reduction of taxes, a sound fiscal policy aimed at reducing deficits and debts and increased initiatives for public works.
- The UF government attempted a progressive budget that encouraged reforms, but the 1997 Asian financial crisis and political instability created economic stagnation.
- Strategies like forming Special Economic Zones - tax amenities, good communications infrastructure, low regulation — to encourage industries has paid off in many parts of the country.
- The Golden Quadrilateral project aimed to link India's corners with a network of modern highways.
- Right to Information Act (2005)
- Indo-US civilian nuclear agreement (2008)
- Right to Education Bill (2008)
[edit] Impact of reforms
The impact of these reforms may be gauged from the fact that total foreign investment (including foreign direct investment, portfolio investment, and investment raised on international capital markets) in India grew from a minuscule US $132 million in 1991-92 to $5.3 billion in 1995-96.[22]
Cities like Gurgaon, Bangalore, Hyderabad, Pune and Ahmedabad have risen in prominence and economic importance, became centres of rising industries and destination for foreign investment and firms.
Annual growth in GDP per capita has accelerated from just 1¼ per cent in the three decades after Independence to 7½ per cent currently, a rate of growth that will double average income in a decade. [...] In service sectors where government regulation has been eased significantly or is less burdensome – such as communications, insurance, asset management and information technology – output has grown rapidly, with exports of information technology enabled services particularly strong. In those infrastructure sectors which have been opened to competition, such as telecoms and civil aviation, the private sector has proven to be extremely effective and growth has been phenomenal.
– OECD[5]
[edit] Ongoing economic challenges
- Problems in the agricultural sector.
- Highly restrictive and complex labour laws.[5][27][28][29][30][31][32][33][34]
- Inadequate infrastructure, which is often government monopoly.[32]
OECD summarized the key reforms that are needed:
In labour markets, employment growth has been concentrated in firms that operate in sectors not covered by India's highly restrictive labour laws. In the formal sector, where these labour laws apply, employment has been falling and firms are becoming more capital intensive despite abundant low-cost labour. Labour market reform is essential to achieve a broader-based development and provide sufficient and higher productivity jobs for the growing labour force. In product markets, inefficient government procedures, particularly in some of the states, acts as a barrier to entrepreneurship and need to be improved. Public companies are generally less productive than private firms and the privatisation programme should be revitalised. A number of barriers to competition in financial markets and some of the infrastructure sectors, which are other constraints on growth, also need to be addressed. The indirect tax system needs to be simplified to create a true national market, while for direct taxes, the taxable base should be broadened and rates lowered. Public expenditure should be re-oriented towards infrastructure investment by reducing subsidies. Furthermore, social policies should be improved to better reach the poor and – given the importance of human capital – the education system also needs to be made more efficient.
– OECD[5]
[edit] Reforms at the state level
The Economic Survey of India 2007 by OECD concluded:
At the state level, economic performance is much better in states with a relatively liberal regulatory environment than in the relatively more restrictive states".[5]
The analysis of this report suggests that the differences in economic performance across states are associated with the extent to which states have introduced market-oriented reforms. Thus, further reforms on these lines, complemented with measures to improve infrastructure, education and basic services, would increase the potential for growth outside of agriculture and thus boost better-paid employment, which is a key to sharing the fruits of growth and lowering poverty.[5]
[edit] See also
[edit] References
- ^ "That old Gandhi magic". The Economist. 27 November 1997. http://economist.com/displaystory.cfm?story_id=S%26%29H%2C%2BPQ%27%25%0A.
- ^ Nick Gillespie (2008). "What Slumdog Millionaire can teach Americans about economic stimulus". Reason. http://www.reason.com/blog/show/131810.html.
- ^ https://www.cia.gov/library/publications/the-world-factbook/geos/in.html#Econ
- ^ a b c "The India Report". Astaire Research. http://www.ukibc.com/ukindia2/files/India60.pdf.
- ^ a b c d e f "Economic survey of India 2007: Policy Brief". OECD. http://www.oecd.org/dataoecd/17/52/39452196.pdf.
- ^ "India's economy: What's holding India back?". The Economist. 6 March 2008. http://www.economist.com/opinion/displaystory.cfm?story_id=10808493.
- ^ "The McKinsey Quarterly: India—From emerging to surging". The McKinsey Quarterly. http://business.indian-network.de/artikel/The%20McKinsey%20Quarterly-%20India-From%20emerging%20to%20surging.pdf.
- ^ Kelegama, Saman and Parikh, Kirit (2000). Political Economy of Growth and Reforms in South Asia. Second Draft. http://www.eldis.org/static/DOC12473.htm.
- ^ Sam Staley (2006). "The Rise and Fall of Indian Socialism: Why India embraced economic reform". http://www.reason.com/news/show/36682.html.
- ^ Street Hawking Promise Jobs in Future, The Times of India, 2001-11-25
- ^ a b c d "India: the economy". BBC. 1998. http://news.bbc.co.uk/2/hi/south_asia/55427.stm.
- ^ "Redefining The Hindu Rate Of Growth". The Financial Express. http://www.financialexpress.com/news/redefining-the-hindu-rate-of-growth/104268/.
- ^ "Industry passing through phase of transition". The Tribune India. http://www.tribuneindia.com/50yrs/kapur.htm.
- ^ Eugene M. Makar (2007). An American's Guide to Doing Business in India.
- ^ a b c d e India's Pathway through Financial Crisis. Arunabha Ghosh. Global Economic Governance Programme. Retrieved on 2 March 2007.
- ^ Panagariya, Arvind (2004). India in the 1980s and 1990s: A Triumph of Reforms. http://ideas.repec.org/p/wpa/wuwpit/0403005.html.
- ^ Jalal Alamgir, India's Open-Economy Policy: Globalism, Rivalry, Continuity (London and New York: Routledge, 2008)
- ^ Securities and Exchange Commission Act. Retrieved on 2 March 2007.
- ^ Securities and Exchange Board of India Act. Retrieved on 2 March 2007.
- ^ How NSE surpassed BSE. Ajay Shah and Susan Thomas. Retrieved on 2 March 2007.
- ^ The Indian Growth Miracle. J. Bradford DeLong. Retrieved on 2 March 2007.
- ^ a b Local industrialists against multinationals. Ajay Singh and Arjuna Ranawana. Asiaweek. Retrieved on 2 March 2007.
- ^ FDI in India. Kulwindar Singh. Retrieved on 2 March 2007.
- ^ India's Economic Policies. Indian Investment Centre. Retrieved on 2 March 2007.
- ^ J. Bradford DeLong (2001). "India Since Independence: An Analytic Growth Narrative". http://www.j-bradford-delong.net/Econ_Articles/India/India_Rodrik_DeLong.PDF.
- ^ "HSBC GLT frontpage". http://www.hsbcglt.com/. Retrieved 2008-08-22.
- ^ "IMF calls for urgent reform in Indian labour laws". http://news.indiainfo.com/2006/04/20/2004imf-labour-laws.html.
- ^ Kaushik Basu, Gary S. Fields, and Shub Debgupta. "Retrenchment, Labor Laws and Government Policy: An Analysis with Special Reference to India". The World Bank. http://www.worldbank.org/html/prdph/downsize/docs/india.pdf.
- ^ R. C. Datta / Milly Sil (2007). "Contemporary Issues on Labour Law Reform in India". http://atlmri.googlepages.com/RCD_MILI.pdf.
- ^ Aditya Gupta (2006). "How wrong has the Indian Left been about economic reforms?". http://www.ccsindia.org/interns2006/How%20Wrong%20is%20left%20about%20ecoonimic%20reforms%20in%20India%20-%20Aditya.pdf.
- ^ "Why India needs labour law reform". BBC. 2005. http://news.bbc.co.uk/2/hi/south_asia/4103554.stm.
- ^ a b "A special report on India: An elephant, not a tiger". The Economist. 11 December 2008. http://www.economist.com/specialreports/displayStory.cfm?story_id=12749735.
- ^ "India Country Overview 2008". The World Bank. 2008. http://www.worldbank.org.in/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/INDIAEXTN/0,,contentMDK:20195738~menuPK:295591~pagePK:141137~piPK:141127~theSitePK:295584,00.html.
- ^ Gurcharan Das (July/August 2006). "The India Model". The Foreign Affairs. http://www.foreignaffairs.org/20060701faessay85401-p0/gurcharan-das/the-india-model.html.
[edit] External links
- For a short educational video of the "economic history of India".
- Nick Gillespie (2009). "What Slumdog Millionaire can teach Americans about economic stimulus". Reason. http://www.reason.com/blog/show/131810.html.
- "Economic survey of India 2007: Policy Brief". OECD. 2007. http://www.oecd.org/dataoecd/17/52/39452196.pdf.
- Gurcharan Das (2006). "The India Model". The Foreign Affairs. http://www.foreignaffairs.org/20060701faessay85401-p0/gurcharan-das/the-india-model.html.
- Aditya Gupta (2006). "How wrong has the Indian Left been about economic reforms?". Centre for Civil Society. http://www.ccsindia.org/interns2006/How%20Wrong%20is%20left%20about%20ecoonimic%20reforms%20in%20India%20-%20Aditya.pdf.
- "The India Report". Astaire Research. 2007. http://www.ukibc.com/ukindia2/files/India60.pdf.
- "India's Rising Growth Potential". Goldman Sachs. 2007. http://www.usindiafriendship.net/viewpoints1/Indias_Rising_Growth_Potential.pdf.
Economy of India
From Wikipedia, the free encyclopedia
| Economy of The Republic of India | |||
|---|---|---|---|
 | |||
| Currency | 1 Indian Rupee (INR) (₨) = 100 Paise | ||
| Fiscal year | 1 April — 31 March | ||
| Trade organizations | WTO, SAFTA, G-20 and others | ||
| Statistics | |||
| GDP | $1.242 trillion (2009)[1] (nominal; 12th) $3.528 trillion (2009)[1] (PPP; 4th) | ||
| GDP growth | 6.7% (2008/2009)[2] | ||
| GDP per capita | $1,032 (2009)[1] (nominal; 139th) $2,932 (2009)[1] (PPP; 128th) | ||
| GDP by sector | agriculture (17.5%), industry (20%), services (62.6%) (2009 est.) | ||
| Inflation (CPI) | 7.8% (CPI) (2008) | ||
| Population below poverty line | 22% (2008)[3] | ||
| Gini index | 36.8 (List of countries) | ||
| Labour force | 467 million (2009 est.) (2nd) | ||
| Labour force by occupation | agriculture (52%), industry (14%), services (34%) (2003) | ||
| Unemployment | 9.5% (2009 est.)[4] | ||
| Main industries | telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology | ||
| External | |||
| Exports | $155 billion f.o.b (2009 est.) | ||
| Export goods | software, petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures | ||
| Main export partners | US 12.3%, UAE 9.4%, China 9.3% (2008) | ||
| Imports | $232.3 billion f.o.b (2009 est.) | ||
| Import goods | crude oil, machinery, gems, fertilizer, chemicals | ||
| Main import partners | China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE 5.1%, Iran 4.2%, Singapore 4.2%, Germany 4.2% (2008) | ||
| FDI stock | $156.30 billion (31 December 2009 est.) | ||
| Gross external debt | $232.5 billion (31 December 2009 est.)[5] | ||
| Public finances | |||
| Public debt | $163.8 billion (2009)[6] 60.1% of GDP | ||
| Revenues | $153.5 billion (2008 est.) | ||
| Expenses | $223 billion (2009 est.) | ||
| Economic aid | $1.724 billion (2005)[7] | ||
| Foreign reserves | $287.37 billion (end-Dec 2009) (5th) | ||
| Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars | |||
The economy of India is the twelfth largest economy in the world by nominal value[8] and the fourth largest by purchasing power parity (PPP).[9] In the 1990s, following economic reform from the socialist-inspired economy of post-independence India, the country began to experience rapid economic growth, as markets opened for international competition and investment. In the 21st century, India is an emerging economic power with vast human and natural resources, and a huge knowledge base. Economists predict that by 2020,[10] India will be among the leading economies of the world.
India was under social democratic-based policies from 1947 to 1991. The economy was characterised by extensive regulation, protectionism, and public ownership, leading to pervasive corruption and slow growth.[11][12][13][14] Since 1991, continuing economic liberalisation has moved the economy towards a market-based system.[12][13] A revival of economic reforms and better economic policy in 2000s accelerated India's economic growth rate. By 2008, India had established itself as the world's second-fastest growing major economy.[15][16][17] However, the year 2009 saw a significant slowdown in India's official GDP growth rate to 6.1%[18] as well as the return of a large projected fiscal deficit of 10.3% of GDP which would be among the highest in the world.[19][20]
India's large service industry accounts for 62.6% of the country's GDP while the industrial and agricultural sector contribute 20% and 17.5% respectively. Agriculture is the predominant occupation in India, accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around 14%.[21] The labor force totals half a billion workers. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.[22] Major industries include telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology enabled services and software.[22]
India's per capita income (nominal) is $1032, ranked 139th in the world,[23] while its per capita (PPP) of US$2,932 is ranked 128th.[24][25] Previously a closed economy, India's trade has grown fast.[12] India currently accounts for 1.5% of World trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006, India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's services trade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253 billion in 2004. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in 1985.[12]
Despite robust economic growth, India continues to face many major problems. The recent economic development has widened the economic inequality across the country.[26] Despite sustained high economic growth rate, approximately 80% of its population lives on less than $2 a day (PPP).[27] Even though the arrival of Green Revolution brought end to famines in India,[28] 40% of children under the age of three are underweight and a third of all men and women suffer from chronic energy deficiency.[29]
Contents[hide] |
[edit] History
India's economic history can be broadly divided into three eras, beginning with the pre-colonial period lasting up to the 18th century. The advent of British colonisation started the colonial period in the early 19th century, which ended with independence in 1947. The third period stretches from independence in 1947 until now.
[edit] Pre-colonial
The citizens of the Indus Valley civilisation, a permanent settlement that flourished between 2800 BC and 1800 BC, practiced agriculture, domesticated animals, used uniform weights and measures, made tools and weapons, and traded with other cities. Evidence of well planned streets, a drainage system and water supply reveals their knowledge of urban planning, which included the world's first urban sanitation systems and the existence of a form of municipal government.[32]
The 1872 census revealed that 99.3% of the population of the region constituting present-day India resided in villages,[33] whose economies were largely isolated and self-sustaining, with agriculture the predominant occupation. This satisfied the food requirements of the village and provided raw materials for hand-based industries, such as textiles, food processing and crafts. Although many kingdoms and rulers issued coins, barter was prevalent. Villages paid a portion of their agricultural produce as revenue to the rulers, while its craftsmen received a part of the crops at harvest time for their services.[34]
Religion, especially Hinduism, and the caste and the joint family systems, played an influential role in shaping economic activities.[35] The caste system functioned much like medieval European guilds, ensuring the division of labour, providing for the training of apprentices and, in some cases, allowing manufacturers to achieve narrow specialization. For instance, in certain regions, producing each variety of cloth was the specialty of a particular sub-caste.
Textiles such as muslin, Calicos, shawls, and agricultural products such as pepper, cinnamon, opium and indigo were exported to Europe, the Middle East and South East Asia in return for gold and silver.[37]
Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of quantitative information. One estimate puts the revenue of Akbar's Mughal Empire in 1600 at £17.5 million, in contrast with the total revenue of Great Britain in 1800, which totalled £16 million.[38] India, by the time of the arrival of the British, was a largely traditional agrarian economy with a dominant subsistence sector dependent on primitive technology. It existed alongside a competitively developed network of commerce, manufacturing and credit. After the decline of the Mughals, western, central and parts of south and north India were integrated and administered by the Maratha Empire. The Maratha Empire's budget in 1740s, at its peak, was Rs. 100 million. After the loss at Panipat, the Maratha Empire disintegrated into confederate states of Gwalior, Baroda, Indore, Jhansi, Nagpur, Pune and Kolhapur. Gwalior state had a budget of Rs. 30M. However, at this time, British East India company entered the Indian political theatre. Until 1857, when India was firmly under the British crown, the country remained in a state of political instability due to internecine wars and conflicts.[39]
[edit] Colonial
Company rule in India brought a major change in the taxation environment from revenue taxes to property taxes, resulting in mass impoverishment and destitution of majority of farmers and led to numerous famines.[40] The economic policies of the British Raj effectively bankrupted India's large handicrafts industry and caused a massive drain of India's resources.[41][42] Indian Nationalists employed the successful Swadeshi movement, as strategy to diminish British economic superiority by boycotting British products and the reviving the market for domestic-made products and production techniques. India had become a strong market for superior finished European goods. This was because of vast gains made by the Industrial revolution in Europe, the effects of which was deprived to Colonial India.
The Nationalists had hoped to revive the domestic industries that were badly effected by polices implemented by British Raj which had made them uncompetitive to British made goods.
An estimate by Cambridge University historian Angus Maddison reveals that "India's share of the world income fell from 22.6% in 1700, comparable to Europe's share of 23.3%, to a low of 3.8% in 1952".[43] It also created an institutional environment that, on paper, guaranteed property rights among the colonizers, encouraged free trade, and created a single currency with fixed exchange rates, standardized weights and measures, capital markets. It also established a well developed system of railways and telegraphs, a civil service that aimed to be free from political interference, a common-law and an adversarial legal system.[44] India's colonisation by the British coincided with major changes in the world economy—industrialisation, and significant growth in production and trade. However, at the end of colonial rule, India inherited an economy that was one of the poorest in the developing world,[45] with industrial development stalled, agriculture unable to feed a rapidly growing population, India had one of the world's lowest life expectancies, and low rates for literacy.
The impact of the British rule on India's economy is a controversial topic. Leaders of the Indian independence movement, and left-nationalist economic historians have blamed colonial rule for the dismal state of India's economy in its aftermath and that financial strength required for Industrial development in Europe was derived from the wealth taken from Colonies in Asia and Africa. At the same time right-wing historians have countered that India's low economic performance was due to various sectors being in a state of growth and decline due to changes brought in by colonialism and a world that was moving towards industrialization and economic integration.[46]
[edit] Independence to 1991
Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian socialism. Policy tended towards protectionism, with a strong emphasis on import substitution, industrialization, state intervention in labor and financial markets, a large public sector, business regulation, and central planning.[47] Five-Year Plans of India resembled central planning in the Soviet Union. Steel, mining, machine tools, water, telecommunications, insurance, and electrical plants, among other industries, were effectively nationalized in the mid-1950s.[48] Elaborate licences, regulations and the accompanying red tape, commonly referred to as Licence Raj, were required to set up business in India between 1947 and 1990.[49]
Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on by Indira Gandhi formulated and oversaw economic policy. They expected favorable outcomes from this strategy, because it involved both public and private sectors and was based on direct and indirect state intervention, rather than the more extreme Soviet-style central command system.[50][dead link] The policy of concentrating simultaneously on capital- and technology-intensive heavy industry and subsidizing manual, low-skill cottage industries was criticized by economist Milton Friedman, who thought it would waste capital and labour, and retard the development of small manufacturers.[51][dead link] The rate from 1947–80 was derisively referred to as the Hindu rate of growth, because of the unfavourable comparison with growth rates in other Asian countries, especially the "East Asian Tigers".[44]
The Rockefeller Foundation's research in high-yielding varieties of seeds, their introduction after 1965 and the increased use of fertilizers and irrigation are known collectively as the Green Revolution in India, which provided the increase in production needed to make India self-sufficient in food grains, thus improving agriculture in India. Famine in India, once accepted as inevitable, has not returned since the end of colonial.
[edit] Since 1991
In the late 80s, the government led by Rajiv Gandhi eased restrictions on capacity expansion for incumbents, removed price controls and reduced corporate taxes. While this increased the rate of growth, it also led to high fiscal deficits and a worsening current account. The collapse of the Soviet Union, which was India's major trading partner, and the first Gulf War, which caused a spike in oil prices, caused a major balance-of-payments crisis for India, which found itself facing the prospect of defaulting on its loans.[53] India asked for a $1.8 billion bailout loan from IMF, which in return demanded reforms.[54]
In response, Prime Minister Narasimha Rao along with his finance minister Manmohan Singh initiated the economic liberalisation of 1991. The reforms did away with the Licence Raj (investment, industrial and import licensing) and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors.[55] Since then, the overall direction of liberalisation has remained the same, irrespective of the ruling party, although no party has tried to take on powerful lobbies such as the trade unions and farmers, or contentious issues such as reforming labour laws and reducing agricultural subsidies.[56] Since 1990 India has emerged as one of the fastest-growing economies in the developing world; during this period, the economy has grown constantly, but with a few major setbacks. This has been accompanied by increases in life expectancy, literacy rates and food security.
While the credit rating of India was hit by its nuclear tests in 1998, it has been raised to investment level in 2007 by S&P and Moody's.[57] In 2003, Goldman Sachs predicted that India's GDP in current prices will overtake France and Italy by 2020, Germany, UK and Russia by 2025 and Japan by 2035. By 2035, it was projected to be the third largest economy of the world, behind US and China.[58][59]. In 2009 India purchased 200 Tons of Gold for $6.7 Billion from IMF as a total role reversal from 1991.
[edit] Sectors
[edit] Agriculture
India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 16.6% of the GDP in 2007, employed 60% of the total workforce[21] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a significant role in the overall socio-economic development of India. Yields per unit area of all crops have grown since 1950, due to the special emphasis placed on agriculture in the five-year plans and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies since Green revolution in India. However, international comparisons reveal the average yield in India is generally 30% to 50% of the highest average yield in the world.[62]
India is the largest producer in the world of milk, cashew nuts, coconuts, tea, ginger, turmeric and black pepper.[63] It also has the world's largest cattle population: 193 million.[64] It is the second largest producer of wheat, rice, sugar, cotton, silk, peanuts and inland fish.[65] It is the third largest producer of tobacco.[65] India is the largest fruit producer, accounting for 10% of the world fruit production. It is the leading producer of bananas, sapotas and mangoes.[65]
India is the second largest producer and the largest consumer of silk in the world, with the majority of the 77 million kg (2005)[66] production taking place in Karnataka State, particularly in Mysore and the North Bangalore regions of Muddenahalli, Kanivenarayanapura, and Doddaballapura, the upcoming sites of a INR 700 million "Silk City".[67][68]
[edit] Industry and services
Industry accounts for 54.6% of the GDP and employ 17% of the total workforce.[21] However, about one-third of the industrial labour force is engaged in simple household manufacturing only.[74][dead link] In absolute terms, India is 16th in the world in terms of nominal factory output.[75] India's small industry makes up 5% of carbon dioxide emissions in the world.
Economic reforms brought foreign competition, led to privatisation of certain public sector industries, opened up sectors hitherto reserved for the public sector and led to an expansion in the production of fast-moving consumer goods.[76] Post-liberalisation, the Indian private sector, which was usually run by oligopolies of old family firms and required political connections to prosper was faced with foreign competition, including the threat of cheaper Chinese imports. It has since handled the change by squeezing costs, revamping management, focusing on designing new products and relying on low labour costs and technology.[77]
Textile manufacturing is the second largest source for employment after agriculture and accounts for 26% of manufacturing output.[78] Tirupur has gained universal recognition as the leading source of hosiery, knitted garments, casual wear and sportswear.[79] Dharavi slum in Mumbai has gained fame for leather products. Tata Motors' Nano attempts to be the world's cheapest car.[73]
India is fifteenth in services output. It provides employment to 23% of work force, and it is growing fast, growth rate 7.5% in 1991–2000 up from 4.5% in 1951–80. It has the largest share in the GDP, accounting for 55% in 2007 up from 15% in 1950.[21]
Business services (information technology, information technology enabled services, business process outsourcing) are among the fastest growing sectors contributing to one third of the total output of services in 2000. The growth in the IT sector is attributed to increased specialization, and an availability of a large pool of low cost, but highly skilled, educated and fluent English-speaking workers, on the supply side, matched on the demand side by an increased demand from foreign consumers interested in India's service exports, or those looking to outsource their operations. The share of India's IT industry to the country's GDP increased from 4.8 % in 2005-06 to 7% in 2008.[80][81] In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.[82] In March 2009, annual revenues from outsourcing operations in India amounted to US$60 billion and this is expected to increase to US$225 billion by 2020.[83]
Organized retail such supermarkets accounts for 24% of the market as of 2008.[84] Regulations prevent most foreign investment in retailing. Moreover, over thirty regulations such as "signboard licences" and "anti-hoarding measures" may have to be complied before a store can open doors. There are taxes for moving goods to states, from states, and even within states.[84]
Tourism in India is relatively undeveloped, but growing at double digits. Some hospitals woo medical tourism.[85]
[edit] Banking and finance
The Indian money market is classified into: the organised sector (comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector (comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies (NBFCs)). The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urban areas, especially for non-productive purposes, like ceremonies and short duration loans.[87]
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors like agriculture, small-scale industry, retail trade, small businesses, etc. to ensure that the banks fulfill their social and developmental goals. Since then, the number of bank branches has increased from 10,120 in 1969 to 98,910 in 2003 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total deposits increased 32.6 times between 1971 to 1991 compared to 7 times between 1951 to 1971. Despite an increase of rural branches, from 1,860 or 22% of the total number of branches in 1969 to 32,270 or 48%, only 32,270 out of 5 lakh (500,000) villages are covered by a scheduled bank.[88][89]
The public sector banks hold over 75% of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively.[90] Since liberalisation, the government has approved significant banking reforms. While some of these relate to nationalised banks (like encouraging mergers, reducing government interference and increasing profitability and competitiveness), other reforms have opened up the banking and insurance sectors to private and foreign players.[21][91]
More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold.[92]
[edit] Natural resources
India's total cultivable area is 1,269,219 km² (56.78% of total land area), which is decreasing due to constant pressure from an ever growing population and increased urbanisation. India has a total water surface area of 314,400 km² and receives an average annual rainfall of 1,100 mm. Irrigation accounts for 92% of the water utilisation, and comprised 380 km² in 1974, and is expected to rise to 1,050 km² by 2025, with the balance accounted for by industrial and domestic consumers. India's inland water resources comprising rivers, canals, ponds and lakes and marine resources comprising the east and west coasts of the Indian ocean and other gulfs and bays provide employment to nearly 6 million people in the fisheries sector. In 2008, India had the world's third largest fishing industry.[93]
India's major mineral resources include coal, iron, manganese, mica, bauxite, titanium, chromite, limestone and thorium. India meets most of its domestic energy demand through its 92 billion tonnes of coal reserves (about 10% of world's coal reserves).[94]
India's huge thorium reserves — about 25% of world's reserves — is expected to fuel the country's ambitious nuclear energy program in the long-run. India's dwindling uranium reserves stagnated the growth of nuclear energy in the country for many years.[95] However, the Indo-US nuclear deal has paved the way for India to import uranium from other countries.[96] India is also believed to be rich in certain renewable sources of energy with significant future potential such as solar, wind and biofuels (jatropha, sugarcane).
[edit] Petroleum and Natural gas
India's oil reserves, found in Bombay High, parts of Gujarat, Rajasthan and eastern Assam, meet 25% of the country's domestic oil demand.[21][98] India's total proven oil reserves stand at 11 billion barrels,[99] of which Bombay High is believed to hold 6.1 billion barrels[100] and Mangala Area in Rajasthan an additional 3.6 billion barrels.[101]
In 2009, India imported 2.56 million barrels of oil per day, making it one of largest buyers of crude oil in the world.[102] The petroleum industry in India mostly consists of public sector companies such as Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL) and Indian Petrochemicals Corporation Limited (IPCL). There are some major private Indian companies in oil sector such as Reliance Industries Limited (RIL) which operates the world's largest oil refining complex.[103]
[edit] Pharmaceuticals
India has a self reliant Pharmaceuticals industry. The majority of its medical consumables are produced domestically. Pharmaceutical Industry in India is dotted with companies like Ranbaxy Laboratories, Dr. Reddy's Laboratories, Cipla which have created a niche for themselves at world level.
Today, India is an exporter of countries like United States and Russia. In terms of the global market, India currently holds a modest 1-2% share, but it has been growing at approximately 10% per year. Indian Pharmaceutical Industry is often compared to Pharmaceutical Industry in the USA.
[edit] External trade and investment
[edit] Global trade relations
India's economy is mostly dependent on its large internal market with external trade accounting for just 20% of the country's GDP.[105] In 2008, India accounted for 1.45% of global merchandise trade and 2.8% of global commercial services export.[106] Until the liberalization of 1991, India was largely and intentionally isolated from the world markets, to protect its economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment (FDI) was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector. The restrictions ensured that FDI averaged only around US$200 million annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians.[107] India's exports were stagnant for the first 15 years after independence, due to the predominance of tea, jute and cotton manufactures, demand for which was generally inelastic. Imports in the same period consisted predominantly of machinery, equipment and raw materials, due to nascent industrialization.
Since liberalization, the value of India's international trade has become more broad-based and has risen to Rs. 63,080,109 crores in 2003–04 from Rs.1,250 crores in 1950–51. India's major trading partners are China, the US, the UAE, the UK, Japan and the EU.[108] The exports during April 2007 were $12.31 billion up by 16% and import were $17.68 billion with an increase of 18.06% over the previous year.[109] In 2006-07, major export commodities included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agricultural products, iron ore and other minerals. Major import commodities included crude oil and related products, machinery, electronic goods, gold and silver.[110]
India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the WTO. While participating actively in its general council meetings, India has been crucial in voicing the concerns of the developing world. For instance, India has continued its opposition to the inclusion of such matters as labour and environment issues and other non-tariff barriers into the WTO policies.[111]
[edit] Balance of payments
Since independence, India's balance of payments on its current account has been negative. Since liberalisation in the 1990s (precipitated by a balance of payment crisis), India's exports have been consistently rising, covering 80.3% of its imports in 2002–03, up from 66.2% in 1990–91. India's growing oil import bill is seen as the main driver behind the large current account deficit.[112] In 2007-08, India imported 120.1 million tonnes of crude oil, more than 3/4th of the domestic demand, at a cost of $61.72 billion.[113]
Although India is still a net importer, since 1996–97 its overall balance of payments (i.e., including the capital account balance) has been positive, largely on account of increased foreign direct investment and deposits from non-resident Indians; until this time, the overall balance was only occasionally positive on account of external assistance and commercial borrowings. As a result, India's foreign currency reserves stood at $285 billion in 2008.
Due to the global late-2000s recession, both Indian exports and imports declined by 29.2% and 39.2% respectively in June 2009.[114] The steep decline was because countries hit hardest by the global recession, such as United States and members of the European Union, account for more than 60% of Indian exports.[115] However, since the decline in imports was much sharper compared to the decline in exports, India's trade deficit reduced to 252.5 billion rupee.[114]
India's reliance on external assistance and commercial borrowings has decreased since 1991–92, and since 2002–03, it has gradually been repaying these debts. Declining interest rates and reduced borrowings decreased India's debt service ratio to 4.5% in 2007.[116] In India, External Commercial Borrowings (ECBs) are being permitted by the Government for providing an additional source of funds to Indian corporates. The Ministry of Finance monitors and regulates these borrowings (ECBs) through ECB policy guidelines.[117]
[edit] Foreign direct investment in India
| Share of top five investing countries in FDI inflows. (2000–2007)[118] | |||||||
| Rank | Country | Inflows (Million USD) | Inflows (%) | ||||
|---|---|---|---|---|---|---|---|
| 1 |  Mauritius | 85,178 | 44.24%[119] | ||||
| 2 |  United States | 18,040 | 9.37% | ||||
| 3 |  United Kingdom | 15,363 | 7.98% | ||||
| 4 |  Netherlands | 11,177 | 5.81% | ||||
| 5 |  Singapore | 9,742 | 5.06% |
As the fourth-largest economy in the world in PPP terms, India is a preferred destination for foreign direct investments (FDI);[120] India has strengths in telecommunication, information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jewellery. Despite a surge in foreign investments, rigid FDI policies resulted in a significant hindrance. However, due to some positive economic reforms aimed at deregulating the economy and stimulating foreign investment, India has positioned itself as one of the front-runners of the rapidly growing Asia Pacific Region.[120] India has a large pool of skilled managerial and technical expertise. The size of the middle-class population stands at 300 million and represents a growing consumer market.[121]
The inordinately high investment from Mauritius is due to routing of international funds through the country given significant capital gains tax advantages; double taxation is avoided due to a tax treaty between India and Mauritius, and Mauriitus is a capital gains tax haven, effectively creating a zero-taxation FDI channel.
India's recently liberalized FDI policy (2005) allows up to a 100% FDI stake in ventures. Industrial policy reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easy access to foreign technology and foreign direct investment FDI. The upward moving growth curve of the real-estate sector owes some credit to a booming economy and liberalized FDI regime. In March 2005, the government amended the rules to allow 100 per cent FDI in the construction business.[122] This automatic route has been permitted in townships, housing, built-up infrastructure and construction development projects including housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and city- and regional-level infrastructure.
A number of changes were approved on the FDI policy to remove the caps in most sectors. Fields which require relaxation in FDI restrictions include civil aviation, construction development, industrial parks, petroleum and natural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agenda of permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflows into India reached a record $19.5 billion in fiscal year 2006-07 (April-March), according to the government's Secretariat for Industrial Assistance. This was more than double the total of US$7.8bn in the previous fiscal year. The FDI inflow for 2007-08 has been reported as $24 billion[123] and for 2008-09, it is expected to be above $35 billion.[124] A critical factor in determining India's continued economic growth and realizing the potential to be an economic superpower is going to depend on how the government can create incentives for FDI flow across a large number of sectors in India.[125]
[edit] Currency
The Indian rupee is the only legal tender accepted in India. The exchange rate as on 1 February 2010 is 46.18 INR the USD,[126] 64.03 to a EUR, and 73.82 to a GBP. The Indian rupee is accepted as legal tender in the neighboring Nepal and Bhutan, both of which peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. The highest-denomination banknote is the 1,000 rupee note; the lowest-denomination coin in circulation is the 25 paise coin (it earlier had 1, 2, 5, 10 and 20 paise coins which have been discontinued by the Reserve Bank of India).[127]
The Rupee hit a record low during early 2009 on account of global recession. However, due to a strong domestic market, India managed to bounce back sooner than the western countries. Since September 2009 there has been a constant appreciation in Rupee versus most Tier 1 currencies. On 11 January 2010 Rupee went as high as 45.50 to a United states dollar and on 10 January 2010 as high as Rupee 73.93 to a British Pound. A rising rupee also prompted Government of India to buy 200 tonnes of Gold from IMF.
The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's monetary authority, regulator and supervisor of the financial system, manager of exchange control and as an issuer of currency. The RBI is governed by a central board, headed by a governor who is appointed by the Central government of India.
[edit] Income and consumption
As of 2005:
- 77.7% of the population lives on less than $2.50 (PPP) a day, down from 92.5% in 1981. This compares with 80.5% in Sub-Saharan Africa.[128]
- 65.6% of the population lives on less than $2 a day (PPP), which is around 20 rupees or $0.5 a day in nominal terms. It was down from 86.6% and compares with 73.0% in Sub-Saharan Africa.[128][129][130][131][132]
- 24.3% of the population earned less than $1 (PPP, around $0.25 in nominal terms) a day in 2005, down from 42.1% in 1981.[128][133]
- 41.6% of its population is living below the new international poverty line of $1.25 (PPP) per day, down from 59.8% in 1981.[128] The World Bank further estimates that a third of the global poor now reside in India.
Today, more people can afford a bicycle than ever before. Some 40% of Indian households owns a bicycle, with ownership rates ranging from around 30% to 70% at state level.[134] Housing is modest. According to Times of India, "a majority of Indians have per capita space equivalent to or less than a 10 feet x 10 feet room for their living, sleeping, cooking, washing and toilet needs." and "one in every three urban Indians lives in homes too cramped to exceed even the minimum requirements of a prison cell in the US."[135] The average is 103 sq ft (9.6 m2) per person in rural areas and 117 sq ft (10.9 m2) per person in urban areas.[135]
Around half of Indian children are malnourished. The proportion of underweight children is nearly double that of Sub-Saharan Africa.[29][136] However, India has not had famines since the Green Revolution in the early 1970s. While poverty in India has reduced significantly, official figures estimate that 27.5%[137] of Indians still lived below the national poverty line of $1 (PPP, around 10 rupees in nominal terms) a day in 2004-2005.[138] A 2007 report by the state-run National Commission for Enterprises in the Unorganised Sector (NCEUS) found that 65% of Indians, or 750 million people, lived on less than 20 rupees per day[139] with most working in "informal labour sector with no job or social security, living in abject poverty."[140]
Since the early 1950s, successive governments have implemented various schemes, under planning, to alleviate poverty, that have met with partial success. All these programmes have relied upon the strategies of the Food for work programme and National Rural Employment Programme of the 1980s, which attempted to use the unemployed to generate productive assets and build rural infrastructure.[141] In August 2005, the Indian parliament passed the Rural Employment Guarantee Bill, the largest programme of this type in terms of cost and coverage, which promises 100 days of minimum wage employment to every rural household in all the India's 600 districts. The question of whether economic reforms have reduced poverty or not has fuelled debates without generating any clear cut answers and has also put political pressure on further economic reforms, especially those involving the downsizing of labour and cutting agricultural subsidies.[142][143]
[edit] Employment
Agricultural and allied sectors accounted for about 60% of the total workforce in 2003 same as in 1993–94. While agriculture has faced stagnation in growth, services have seen a steady growth. Of the total workforce, 8% is in the organised sector, two-thirds of which are in the public sector. The NSSO survey estimated that in 1999–2000, 106 million, nearly 10% of the population were unemployed and the overall unemployment rate was 7.3%, with rural areas doing marginally better (7.2%) than urban areas (7.7%). India's labor force is growing by 2.5% annually, but employment only at 2.3% a year.[144]
Official unemployment exceeds 9%. Regulation and other obstacles have discouraged the emergence of formal businesses and jobs. Almost 30% of workers are casual workers who work only when they are able to get jobs and remain unpaid for the rest of the time.[144] Only 10% of the workforce is in regular employment.[144] India's labor regulations are heavy even by developing country standards and analysts have urged the government to abolish them.[12][145]
Unemployment in India is characterized by chronic underemployment or disguised unemployment. Government schemes that target eradication of both poverty and unemployment (which in recent decades has sent millions of poor and unskilled people into urban areas in search of livelihoods) attempt to solve the problem, by providing financial assistance for setting up businesses, skill honing, setting up public sector enterprises, reservations in governments, etc. The decreased role of the public sector after liberalization has further underlined the need for focusing on better education and has also put political pressure on further reforms.[141][146]
Child labor is a complex problem that is basically rooted in poverty. The Indian government is implementing the world's largest child labor elimination program, with primary education targeted for ~250 million. Numerous non-governmental and voluntary organizations are also involved. Special investigation cells have been set up in states to enforce existing laws banning employment of children (under 14) in hazardous industries. The allocation of the Government of India for the eradication of child labor was $10 million in 1995-96 and $16 million in 1996-97. The allocation for 2007 is $21 million.[147]
In 2006, remittances from Indian migrants overseas made up $27 billion or about 3% of India's GDP.[148]
[edit] Economic trends
In the revised 2007 figures, based on increased and sustaining growth, more inflows into foreign direct investment, Goldman Sachs predicts that "from 2007 to 2020, India's GDP per capita in US$ terms will quadruple", and that the Indian economy will surpass the United States (in US$) by 2043.[14] In spite of the high growth rate, the report stated that India would continue to remain a low-income country for decades to come but could be a "motor for the world economy" if it fulfills its growth potential.[14] Goldman Sachs has outlined 10 things that it needs to do in order to achieve its potential and grow 40 times by 2050. These are
- improve governance
- raise educational achievement
- increase quality and quantity of universities
- control inflation
- introduce a credible fiscal policy
- liberalize financial markets
- increase trade with neighbours
- increase agricultural productivity
- improve infrastructure and
- improve environmental quality.[150]
[edit] Issues
[edit] Agriculture
Slow agricultural growth is a concern for policymakers as some two-thirds of India's people depend on rural employment for a living. Current agricultural practices are neither economically nor environmentally sustainable and India's yields for many agricultural commodities are low. Poorly maintained irrigation systems and almost universal lack of good extension services are among the factors responsible. Farmers' access to markets is hampered by poor roads, rudimentary market infrastructure, and excessive regulation.
– World Bank: "India Country Overview 2008"[151]
The low productivity in India is a result of the following factors:
- According to "India: Priorities for Agriculture and Rural Development" by World Bank, India's large agricultural subsidies are hampering productivity-enhancing investment. Overregulation of agriculture has increased costs, price risks and uncertainty. Government interventions in labor, land, and credit markets are hurting the market. Infrastructure and services are inadequate.[152]
- Illiteracy, slow progress in implementing land reforms and inadequate or inefficient finance and marketing services for farm produce.
- The average size of land holdings is very small (less than 20,000 m²) and is subject to fragmentation, due to land ceiling acts and in some cases, family disputes. Such small holdings are often over-manned, resulting in disguised unemployment and low productivity of labour.
- Adoption of modern agricultural practices and use of technology is inadequate, hampered by ignorance of such practices, high costs and impracticality in the case of small land holdings.
- World Bank says that the allocation of water is inefficient, unsustainable and inequitable. The irrigation infrastructure is deteriorating.[152] Irrigation facilities are inadequate, as revealed by the fact that only 52.6% of the land was irrigated in 2003–04,[153] which result in farmers still being dependent on rainfall, specifically the Monsoon season. A good monsoon results in a robust growth for the economy as a whole, while a poor monsoon leads to a sluggish growth.[154] Farm credit is regulated by NABARD, which is the statutory apex agent for rural development in the subcontinent.
India has many farm insurance companies that insure wheat, fruit, rice and rubber farmers in the event of natural disasters or catastrophic crop failure, under the supervision of the Ministry of Agriculture. One notable company that provides all of these insurance policies is Agriculture Insurance Company of India and it alone insures almost 20 million farmers.
India's population is growing faster than its ability to produce rice and wheat.[28] The most important structural reform for self-sufficiency is the ITC Limited plan to connect 20,000 villages to the Internet by 2013.[155] This will provide farmers with up to date crop prices for the first time, which should minimise losses incurred from neighbouring producers selling early and in turn facilitate investment in rural areas.
[edit] Corruption
Corruption has been one of the pervasive problems affecting India. The economic reforms of 1991 reduced the red tape, bureaucracy and the Licence Raj that had strangled private enterprise and was blamed by Chakravarthi Rajagopalachari for the corruption and inefficiencies. Yet, a 2005 study by Transparency International (TI) India found that more than half of those surveyed had firsthand experience of paying bribe or peddling influence to get a job done in a public office.[156]
The Right to Information Act (2005) and equivalent acts in the Indian states, that require government officials to furnish information requested by citizens or face punitive action, computerisation of services and various central and state government acts that established vigilance commissions have considerably reduced corruption or at least have opened up avenues to redress grievances.[156] The 2009 report by Transparency International ranks India at 84th place and states that significant improvements were made by India in reducing corruption.[157][158]
[edit] Government
 | This section may require cleanup to meet Wikipedia's quality standards. Please improve this section if you can. (November 2009) |
The current government has concluded that most spending fails to reach its intended recipients.[159] Lant Pritchett calls India's public sector "one of the world's top ten biggest problems — of the order of AIDS and climate change".[159] The Economist's article about Indian civil service (2008) says that Indian central government employs around 3 million people and states another 7 million, including "vast armies of paper-shuffling peons".[159] Million dollar bureaucracies can be run without a single computer in the management.[159]
At local level, administration can be worse. It is not unheard of that most state assembly seats are held by convicted criminals.[160] One study found out that 25% of public sector teachers and 40% of public sector medical workers could not be found at the workplace. India's absence rates are one of the worst in the world.[161][162][163][164]
The Reserve Bank of India has warned that India's public-debt to GDP ratio is over 70%.[165] The government of India is highly indebted and its former investment-grade status has deteriorated near junk status.[166] India's current public-debt to GDP ratio is 58.2% (US has 60.8%). [167][168]
[edit] Education
India has made huge progress in terms of increasing primary education attendance rate and expanding literacy to approximately two thirds of the population.[169] The right to education at elementary level has been made one of the fundamental rights under the Eighty-Sixth Amendment of 2002.[170] However, education is still far behind developing countries such as China and continues to face challenges. Despite growing investment in education, 40% of the population is illiterate and only 15% of the students reach high school.[171] An optimistic estimate is that only one in five job-seekers in India has ever had any sort of vocational training.[172]
[edit] Infrastructure
Development of infrastructure was completely in the hands of the public sector and was plagued by corruption, bureaucratic inefficiencies, urban-bias and an inability to scale investment.[173] India's low spending on power, construction, transportation, telecommunications and real estate, at $31 billion or 6% of GDP in 2002 had prevented India from sustaining higher growth rates. This has prompted the government to partially open up infrastructure to the private sector allowing foreign investment[141][174][175] which has helped in a sustained growth rate of close to 9% for the past six quarters.[176]
Some 600 million Indians have no mains electricity at all.[177] While 80% of Indian villages have at least an electricity line, just 44% of rural households have access to electricity.[178] According to a sample of 97,882 households in 2002, electricity was the main source of lighting for 53% of rural households compared to 36% in 1993.[179] Some half of the electricity is stolen, compared with 3% in China. The stolen electricity amounts to 1.5% of GDP.[178][180] Almost all of the electricity in India is produced by the public sector. Power outages are common.[177] Many buy their own power generators to ensure electricity supply. As of 2005 the electricity production was at 661.6 billion kWh with oil production standing at 785,000 bbl/day. In 2007, electricity demand exceeded supply by 15%.[177] Multi Commodity Exchange has tried to get a permit to offer electricity future markets.[181]
Indian Road Network is developing. Trucking goods from Gurgaon to the port in Mumbai can take up to 10 days.[182] India has the world's third largest road network.[183] Container traffic is growing at 15% a year.[184] Some 60% of India's container traffic is handled by the Jawaharlal Nehru Port Trust in Mumbai. Internet use is rare; there were only 7.57 million broadband lines in India in November 2009, however it is still growing at slower rate and is expected to boom after the launch of 3G and wimax services.[185]
Most urban cities have good water supply water 24 hours a day, while some smaller cities face water shortages in summer season. A World Bank report says it is an institutional problem in water agencies, or "how the agency is embedded in the relationships between politics and the citizens who are the consumers."[186]
[edit] Labour laws
India's labor regulations — among the most restrictive and complex in the world — have constrained the growth of the formal manufacturing sector where these laws have their widest application. Better designed labor regulations can attract more labor- intensive investment and create jobs for India's unemployed millions and those trapped in poor quality jobs. Given the country's momentum of growth, the window of opportunity must not be lost for improving the job prospects for the 80 million new entrants who are expected to join the work force over the next decade.
– World Bank: India Country Overview 2008.[151]
India's restrictive labor regulations hamper the large-scale creation of formal industrial jobs.[12][172][187] A recent report highlights a growing labor unrest all over India which is hampering the industrial output.[188]
India ranked 133th on the Ease of Doing Business Index 2010, behind countries such as China (89th), Pakistan (85th), and Nigeria (125th).
[edit] Economic disparities
Lagging states need to bring more jobs to their people by creating an attractive investment destination. Reforming cumbersome regulatory procedures, improving rural connectivity, establishing law and order, creating a stable platform for natural resource investment that balances business interests with social concerns, and providing rural finance are important.
– World Bank: India Country Overview 2008[151]
One of the critical problems facing India's economy is the sharp and growing regional variations among India's different states and territories in terms of per capita income, poverty, availability of infrastructure and socio-economic development.[190] Seven low-income states - Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, Rajasthan, and Uttar Pradesh - are home to more than half of India's population.[191]
Between 1999 and 2008, the annualized growth rates for Maharashtra (9%)[192], Gujarat (8.8%), Haryana (8.7%), or Delhi (7.4%) were much higher than for Bihar (5.1%), Uttar Pradesh (4.4%), or Madhya Pradesh (3.5%).[193]
Poverty rates in rural Orissa (43%) and rural Bihar (40%) are some of the worst in the world.[186] On the other hand, rural Haryana (5.7%) and rural Punjab (2.4%) compare well with middle-income countries.[186]
The five-year plans have attempted to reduce regional disparities by encouraging industrial development in the interior regions, but industries still tend to concentrate around urban areas and port cities[194] After liberalization, the more advanced states are better placed to benefit from them, with infrastructure like well developed ports, urbanisation and an educated and skilled workforce which attract manufacturing and service sectors. The union and state governments of backward regions are trying to reduce the disparities by offering tax holidays, cheap land, etc., and focusing more on sectors like tourism, which although being geographically and historically determined, can become a source of growth and is faster to develop than other sectors.[195][196]
[edit] Environment and health
On Yale and Columbia's Environmental Performance Index, India's score is 21/100 on sanitation, compared with 67/100 for the region and 48/100 for the country income group.[197]
[edit] See also
- Below Poverty Line (India)
- Bilateral investment treaty
- Communications in India
- Economic history of India
- Energy policy of India
- Indian Construction Industry
- Indian states ranking by families owning house
- Income in India
- Indian media
- Information technology in India
- Net international investment position
- List of co-operative banks in India
- List of companies of India
[edit] Notes
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- ^ India manages to clock 6.7 % growth in 2008-09
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- ^ "Silk export likely to be Rs 7,000 cr by 2012: Minister". Sify.com. 2009-07-15. http://sify.com/finance/fullstory.php?a=jhpsgPhcaaa&title=Silk_export_likely_to_be_Rs_7%2C000_cr_by_2012%3A_Minister. Retrieved 2009-12-12.
- ^ Asian countries lead list of top outsourcing destinations
- ^ Outsourcing Statistics - 2009 Black Book of Outsourcing
- ^ "Tyres & Accessories". Reifenpresse.de. http://www.reifenpresse.de/CDML007/en/gast/detail.php?tk=&t=unt&RecID=7767&wert1=19843&wert2=. Retrieved 2008-11-03.
- ^ "The small car dream-merchants- Tata's People's Car-Specials-The Economic Times". Economictimes.indiatimes.com. http://economictimes.indiatimes.com/articleshow/2682810.cms. Retrieved 2008-11-03.
- ^ a b "The Next People's Car". forbes.com. http://www.forbes.com/home/free_forbes/2007/0416/070.html. Retrieved 2008-01-21.
- ^ "Census Reference Tables B-Series Economic Tables". Censusindia.gov.in. http://www.censusindia.gov.in/Census_Data_2001/Census_data_finder/B_Series/Industrial_Category_of_worker.htm. Retrieved 2008-11-03.
- ^ Please see the sources for the List of countries by GDP sector composition. The data is compiled through CIA World Factbook figures.
- ^ "Economic structure". The Economist. 6 October 2003. http://www.economist.com/countries/India/profile.cfm?folder=Profile%2DEconomic%20Structure.
- ^ "Indian manufacturers learn to compete". The Economist. 12 February 2004. http://www.economist.com/displaystory.cfm?story_id=S%27%298%3C%2FPQ%3B%21%21P%214%0A.
- ^ "Industry Overview — Indian Overview". http://www.citiindia.com/indian_overview.asp?pgname=Overview.
- ^ "Helping Tirupur emerge as a leader in knitwear exports in India — Tiruppur". The Hindu. http://www.thehindu.com/2007/06/11/stories/2007061110090500.htm.
- ^ "The Coming Death Of Indian Outsourcing". Forbes. 2008-02-29. http://www.forbes.com/home/enterprisetech/2008/02/29/mitra-india-outsourcing-tech-enter-cx_sm_0229outsource.html.
- ^ Outlook for Outsourcing - WSJ
- ^ India's Revenue From Outsourcing Could Be $225B in 2020
- ^ a b "Retailing in India Unshackling the chain stores". Economist. 2008. http://www.economist.com/displayStory.cfm?story_id=11465586.
- ^ Mudur, Ganapati (June 2004). "Hospitals in India woo foreign patients". British Medical Journal 328: 1338. doi:10.1136/bmj.328.7452.1338. PMID 15178611.
- ^ Old private banks are private banks existing prior to opening up of the banking sector.
- ^ Datt, Ruddar & Sundharam, K.P.M.. "50". Indian Economy. pp. 847–850.
- ^ Ghosh, Jayati. "Bank Nationalisation: The Record". Macroscan. http://www.macroscan.com/cur/jul05/cur210705Bank_Nationalisation.htm. Retrieved 2005-08-05.
- ^ Datt, Ruddar & Sundharam, K.P.M.. "50". Indian Economy. pp. 850–851.
- ^ India growth story is attracting talent from govt establishments HT media, Retrieved on- December 2007
- ^ Datt, Ruddar & Sundharam, K.P.M.. "50". Indian Economy. pp. 865–867.
- ^ Diana Farrell and Susan Lund. "Reforming India's Financial System" (PDF). http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN028982.pdf. Retrieved 2009-06-21.
- ^ "The Hindu : Kerala / Kochi News : Diversify fishing methods, says Pawar". Hindu.com. http://www.hindu.com/2008/01/05/stories/2008010552830300.htm. Retrieved 2008-11-03.
- ^ "Total > Coal Proved Reserves statistics - countries compared". NationMaster. 2009-10-31. http://www.nationmaster.com/graph/ene_coa_pro_res_tot-energy-coal-proved-reserves-total. Retrieved 2009-12-12.
- ^ Uranium shortage holding back India's nuclear power drive
- ^ Bush signs India-US nuclear deal into law
- ^ [1]
- ^ Datt, Mihir Bhojani & Vivek Sundharam, K.P.M.. "7". Indian Economy. pp. 90,97,98,100.
- ^ India's energy security challenge
- ^ Indian Oil and Natural Gas
- ^ Petronas takes key stake in Cairn before £3.6bn Indian float
- ^ [2]
- ^ [3]
- ^ India's March Exports Grow 26.6%
- ^ Resilient India - By Shashi Tharoor
- ^ India says export growth will continue to slow
- ^ Srinivasan, T.N. (2002) (PDF). Economic Reforms and Global Integration. 17 January 2002. http://www.econ.yale.edu/%7Esrinivas/ec_reforms.pdf. Retrieved 2009-06-21.
- ^ Datt, Ruddar & Sundharam, K.P.M.. "46". Indian Economy. pp. 767,772–76.
- ^ INDIA'S FOREIGN TRADE: APRIL-DECEMBER, 2007
- ^ Ministry of Commerce, Government of India - Imports and Exports Databank
- ^ "India & the World Trade Organization". http://www.indianembassy.org/policy/WTO/overview.html. Retrieved 2005-07-09.
- ^ Oil prices to dent India's balance sheet: Goldman Sachs
- ^ Research and Markets: The Total Crude Oil Import in India
- ^ a b India's exports continue to fall
- ^ India Cuts Export Aim, Seeks Solace in New Markets
- ^ India`s external debt rises to US$190.5bn
- ^ External Commercial Borrowings
- ^ "FDI in India Statistics". http://dipp.nic.in/fdi_statistics/india_fdi_index.htm. Retrieved 2008-02-12.
- ^ Much of India's FDI is routed through Mauritius, because both countries have an agreement to avoid double taxation. "India to sign free trade agreement with Mauritius". http://www.bilaterals.org/article.php3?id_article=1521. Retrieved 2005-08-15.
- ^ a b "India 2nd best country for biz investment: Survey — The Financial Express". Financialexpress.com. http://www.financialexpress.com/news/India-2nd-best-country-for-biz-investment-Survey/343344/. Retrieved 2008-11-03.
- ^ Next Big Spenders: India's Middle Class
- ^ The Hinduonline
- ^ Hindustan Times India attracts $ 25 billion FDI in 2007-08
- ^ Economic Times FDI inflows to exceed $35 billion target in 2008-09
- ^ [Indian Economic Superpower: Fiction or Future? edited by Jayashankar M. Swaminathan, World Scientific Publishing, 2008]
- ^ "U.S. Dollar to Indian Rupee Exchange Rate". http://www.oanda.com/currency/historical-rates?date_fmt=us&date=02/03/10&date1=01/28/10&exch=USD&expr=INR&expr2=INR&format=HTML&margin_fixed=0. Retrieved 2010-02-03.
- ^ "RBI". RBI. http://www.rbi.org.in/currency/coins.html. Retrieved 2009-03-13.
- ^ a b c d "The developing world is poorer than we thought, but no less successful in the fight against poverty". World Bank. 2008. http://econ.worldbank.org/external/default/main?pagePK=64165259&piPK=64165421&theSitePK=469372&menuPK=64166093&entityID=000158349_20080826113239.
- ^ "One-third of world's poor in India: Survey-India-The Times of India". Timesofindia.indiatimes.com. http://timesofindia.indiatimes.com/India/One-third_of_worlds_poor_in_India/articleshow/3409374.cms. Retrieved 2008-11-03.
- ^ "The Hindu : National : World Bank's new poverty norms find larger number of poor in India". Thehindu.com. http://www.thehindu.com/2008/08/28/stories/2008082856061300.htm. Retrieved 2008-11-03.
- ^ "Define poverty anew- Opinion-The Economic Times". Economictimes.indiatimes.com. http://economictimes.indiatimes.com/Editorials/Define_poverty_anew/articleshow/3423435.cms. Retrieved 2008-11-03.
- ^ Steve Schifferes (27 August 2008). "BBC NEWS | Business | World poverty 'more widespread'". News.bbc.co.uk. http://news.bbc.co.uk/2/hi/business/7583719.stm. Retrieved 2008-11-03.
- ^ "India has fewer poor people: World Bank". Business Standard. http://www.business-standard.com/india/storypage.php?autono=332669.
- ^ "Bicycle Ownership in India". http://www.bike-eu.com/news/1573/bicycle-ownership-in-india.html.
- ^ a b "33% of Indians live in less space than US prisoners". Times of India. 2008. http://timesofindia.indiatimes.com/33_of_Indians_live_in_less_space_than_US_prisoners/articleshow/3753189.cms.
- ^ "Malnutrition Among Indian Children Worse Than in Sub-Saharan Africa". Medindia. http://www.medindia.net/news/Malnutrition-Among-Indian-Children-Worse-Than-in-Sub-Saharan-Africa-30955-1.htm.
- ^ This figure is extremely sensitive to the surveying methodology used. The Uniform Recall Period (URP) gives 27.5%. The Mixed Recall Period (MRP) gives a figure of 21.8%
- ^ Planning commission of India. Poverty estimates for 2004-2005
- ^ "NCEUS Report" (PDF). http://nceus.gov.in/Condition_of_workers_sep_2007.pdf. Retrieved 2009-06-21.
- ^ "Nearly 80% of India Lives On Half Dollar A Day". Reuters. 10 August 2007. http://www.reuters.com/article/latestCrisis/idUSDEL218894. Retrieved 2007-08-15.
- ^ a b c d "Economic Survey 2004–2005". http://indiabudget.nic.in/es2004-05/esmain.htm. Retrieved 2006-07-15.
- ^ Datt, Ruddar & Sundharam, K.P.M.. "22". Indian Economy. pp. 367,369,370.
- ^ "Jawahar gram samriddhi yojana". http://rural.nic.in/jgsyg.htm. Retrieved 2005-07-09.
- ^ a b c "Growing Unemployment Problem in India" (PDF). http://newsgroups.derkeiler.com/pdf/Archive/Soc/soc.culture.pakistan/2008-09/msg00054.pdf. Retrieved 2009-06-21.
- ^ Why India needs labour law reform. BBC
- ^ Datt, Ruddar & Sundharam, K.P.M.. "24". Indian Economy. pp. 403–405.
- ^ Embassy of India. "Child Labor and India — Embassy of India". Indianembassy.org. http://www.indianembassy.org/policy/Child_Labor/childlabor.htm#intro. Retrieved 2009-03-13.
- ^ "Remittances from Indians abroad push India to the top". 2007. http://www.nrirealtynews.com/stories/oct07/remittances-from-indians-abroad-push-india-to-top.php.
- ^ Marketing in the 21st Century: New world marketing - By Bruce David Keillor
- ^ "The top 10 challenges for India". Rediff. http://specials.rediff.com/money/2008/jun/17slid01.htm.
- ^ a b c "India Country Overview 2008". World Bank. 2008. http://www.worldbank.org.in/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/INDIAEXTN/0,,contentMDK:20195738~menuPK:295591~pagePK:141137~piPK:141127~theSitePK:295584,00.html.
- ^ a b "India: Priorities for Agriculture and Rural Development". World Bank. http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/EXTSAREGTOPAGRI/0,,contentMDK:20273764~menuPK:548214~pagePK:34004173~piPK:34003707~theSitePK:452766,00.html.
- ^ Multiple authors (2004). Agricultural Statistics at a Glance 2004. http://dacnet.nic.in/eands/4.6(a)All%20lndia%20Area,%20Production%20and%20Yield%20of%20Rice.xls.
- ^ Sankaran, S. "28". Indian Economy: Problems, Policies and Development. pp. 492–493.
- ^ "India on the Move". India Reborn. 2009-02-17. No. 2, season 1.
- ^ a b Transparency International India. "India Corruption Study 2005" (PDF). Centre for Media Studies. http://www.cmsindia.org/cms/events/corruption.pdf. Retrieved 2008-03-14.
- ^ "2009 Corruption Perceptions Index reinforces link between poverty and corruption". Transparency International. http://www.transparency.org/policy_research/surveys_indices/cpi/2009/cpi_2009_table. Retrieved 2008-03-15.
- ^ "CPI Table". Transparency International. http://www.transparency.org/policy_research/surveys_indices/cpi/2009/cpi_2009_table. Retrieved 2008-03-15.
- ^ a b c d India's civil service: Battling the babu raj 6 March 2008 The Economist
- ^ The criminalisation of Indian democracy (2 May 2007). "Jo Johnson". Financial Times. http://www.ft.com/cms/s/21d0f5f8-f8c1-11db-a940-000b5df10621.html. Retrieved 2007-05-12.
- ^ "Teachers and Medical Worker Incentives in India by Karthik Muralidharan" (PDF). http://econ.ucsd.edu/~kamurali/teachers%20and%20medical%20worker%20incentives%20in%20india.pdf. Retrieved 2009-06-21.
- ^ Combating India's truant teachers. BBC
- ^ Private Schools in Rural India: Some Facts (presentation) / Public and Private Schools in Rural India (a paper). Karthik Muralidharan, Michael Kremer.
- ^ "Teacher absence in India: A snapshot" (PDF). http://globetrotter.berkeley.edu/macarthur/inequality/papers/KremerTeacherAbsenceinIndia.pdf. Retrieved 2009-06-21.
- ^ India is vulnerable to high public debt - RBI. Reuters.
- ^ "Indian debt faces risk of a cut to junk status". International Herald Tribune. 2008. http://www.iht.com/articles/2008/07/20/business/invest21.php.
- ^ https://www.cia.gov/library/publications/the-world-factbook/print/in.html
- ^ https://www.cia.gov/library/publications/the-world-factbook/print/us.html
- ^ "Education in India". World Bank. http://www.worldbank.org.in/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/INDIAEXTN/0,,contentMDK:21493265~pagePK:141137~piPK:141127~theSitePK:295584,00.html.
- ^ 86th Amendment Act, 2002.
- ^ "India still Asia's reluctant tiger" (doc). BBC. http://news.bbc.co.uk/2/hi/business/7267315.stm. Retrieved 1 December 2009.
- ^ a b "A special report on India: An elephant, not a tiger". Economist. 11 December 2008. http://www.economist.com/specialreports/displayStory.cfm?story_id=12749735.
- ^ Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham Publications. ISBN.
- ^ "Infrastructure the missing link". http://edition.cnn.com/2004/WORLD/asiapcf/09/03/india.eye.infra/. Retrieved 2005-08-14.
- ^ "Infrastructure in India: Requirements and favorable climate for foreign investment". http://www.asiatradehub.com/india/intro.asp. Retrieved 2005-08-14.
- ^ "India's Economic Growth Unexpectedly Quickens to 9.2%". Bloomberg. http://bloomberg.com/apps/news?pid=20601087&sid=ayAK98NMbmCA&refer=home.
- ^ a b c "A special report on India: Creaking, groaning: Infrastructure is India's biggest handicap". The Economist. 11 December 2008. http://www.economist.com/specialreports/displaystory.cfm?story_id=12749787.
- ^ a b "Reforming the Power Sector: Controlling Electricity Theft and Improving Revenue" (PDF). The World Bank. http://rru.worldbank.org/documents/publicpolicyjournal/272bhatia_Gulati.pdf. Retrieved 2009-06-21.
- ^ "Housing condition in India: Household amenities and other characteristics (July — September 2002)". Government of India. http://www.mospi.nic.in/nss_58round_press_note_6june05.htm.
- ^ "India struggles with power theft". BBC. 2006-03-15. http://news.bbc.co.uk/2/hi/business/4802248.stm. Retrieved 2010-01-03.
- ^ "MCX move to launch electricity future faces legal hurdle". The Financial Express. http://www.financialexpress.com/news/mcx-move-to-launch-electricity-future-faces-legal-hurdle/401592/.
- ^ "The Trouble With India: Crumbling roads, jammed airports, and power blackouts could hobble growth". BusinessWeek. 19 March 2007. http://www.businessweek.com/magazine/content/07_12/b4026001.htm.
- ^ "Infrastructure Rankings". https://www.cia.gov/library/publications/the-world-factbook/rankorder/2085rank.html.
- ^ "Ageing Indian infrastructure causes congestion". The Age. 2005. http://www.theage.com.au/news/business/ageing-indian-infrastructure-causes-congestion/2005/09/21/1126982123165.html.
- ^ "Tele-base soars to 543m as mobile cos add record 17.65m in Nov" (doc). Economic Times. http://economictimes.indiatimes.com/News/News-By-Industry/Telecom/Tele-base-soars-to-543m-as-mobile-cos-add-record-1765m-in-Nov/articleshow/5370510.cms. Retrieved 23 December 2009.
- ^ a b c "Development Policy Review". World Bank. http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/0,,contentMDK:20980493~pagePK:146736~piPK:146830~theSitePK:223547,00.html.
- ^ "Why India needs labour law reform". BBC. 2005-06-27. http://news.bbc.co.uk/2/hi/south_asia/4103554.stm. Retrieved 2010-01-03.
- ^ Deadly labor wars hinder India's rise
- ^ "BBC News Online | Business | Winners and losers as India booms". News.bbc.co.uk. 2007-05-21. http://news.bbc.co.uk/nolpda/ukfs_news/hi/newsid_6677000/6677645.stm. Retrieved 2008-11-03.
- ^ Datt, Ruddar & Sundharam, K.P.M.. "27". Indian Economy. pp. 471–472.
- ^ "Country Strategy for India (CAS) 2009-2012" (PDF). World Bank. http://www.ukibc.com/ukindia2/files/India60.pdf. Retrieved 2009-06-21.
- ^ http://www.thaindian.com/newsportal/business/maharashtra-poised-for-9-percent-growth-in-2007-08_10028858.html
- ^ "A special report on India: Ruled by Lakshmi". The Economist. 11 December 2008. http://www.economist.com/surveys/displaystory.cfm?story_id=12749719&fsrc=rss.
- ^ Bharadwaj, Krishna (1991). "Regional differentiation in India". in Sathyamurthy, T.V. (ed.). Industry & agriculture in India since independence. Oxford University Press. pp. 189–199. ISBN 0-19-564394-1.
- ^ Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002) (PDF). Understanding Regional Economic Growth in India. Working paper 88. Archived from the original on 2007-07-01. http://web.archive.org/web/20070701042205/http://www2.cid.harvard.edu/cidwp/088.pdf.
- ^ Kurian, N.J.. "Regional disparities in india". http://planningcommission.nic.in/reports/sereport/ser/vision2025/regdsprty.doc. Retrieved 2005-08-06.
- ^ SPECIAL REPORT: Putrid Rivers Of Sludge: Delhi's bureaucrats bicker over cholera and the role of city drains and state sewers. NewsWeek on July 7–14, 2008 issue
[edit] References
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[edit] External links
 | Wikimedia Commons has media related to: Economy of India |
 | Wikiquote has a collection of quotations related to: Economy of India |
- Finance Ministry of India
- India in Business- Official website for Investment and Trade in Indiah
- Reserve Bank of India's database on the Indian economy
- World Bank - India Country Overview
- Ernst & Young 2006 report on doing Business in India
- CIA - The World Factbook – India
- India Economic Scan
- Will India Become a Superpower? Here are 12 Hints
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The role of women in Hinduism is often disputed, and positions range from quite fair to intolerant. Hinduism is based on numerous texts, some of which date back to 2000 BCE or earlier. They are varied in authority, authenticity, content and theme, with the most authoritative being the Vedas. The position of women in Hinduism is widely dependent on the specific text and the context. Positive references are made to the ideal woman in texts such as the Ramayana and the Mahabharata, while some texts such as the Manu Smriti advocate a restriction of women's rights. In modern times the Hindu wife has traditionally been regarded as someone who must at all costs remain chaste or pure.[1] This is in contrast with the very different traditions that have prevailed at earlier times in 'Hindu' kingdoms, which included highly respected professional courtesans (such as Amrapali of Vesali), sacred devadasis, mathematicians and female magicians (the basavis, the Tantric kulikas). Some European scholars observed in the nineteenth century Hindu women were "naturally chaste" and "more virtuous" than other women, although what exactly they meant by that is open to dispute. In any case, as male foreigners they would have been denied access to the secret and sacred spaces that women often inhabited.[2]
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[edit] Gender of God
There is a wide variety of viewpoints within the different schools and sects of Hinduism concerning the exact nature and gender (where applicable) of the Supreme person or being; there are even sects that are sceptical about the existence of such a being. Shaktism, for example, focuses worship on the goddess Devi as the supreme embodiment of power, or Shakti (feminine strength; a female form of God). Vaishnavism and Shaivism both worship Lakshmi with Vishnu and Parvati with Shiva respectively as beings on an equal level of magnitude (the male and female aspects of God). In some instances such as with Gaudiya Vaishnavism, specific emphasis is placed on the worship of God's female aspect (Radharani) even above that of her paramour Krishna. Thus it could be said that Hinduism considers God to have both male and female aspects, as the original source of both.
Male deities (such as Shiva and Indra) are believed, in some traditions, to themselves offer worship to the Goddess, Durga:
"O Parameshwari, (The supreme Goddess) who is praised by the husband of the daughter of Himalayas (Shri Shiva)..." "O Parameshwari, who is worshipped with true feelings by the husband of Indrani (Indra) please give us the spiritual personality, the victory, the glory and destroy our enemies."[3]
Elsewhere Shiva and Vishnu are also described as possessing feminine qualities represented through their Ardhanarishvara and Mohini forms respectively. There have also been male devotees who have claimed to be incarnations of goddesses, such as Narayani Peedam and Bangaru Adigalar of Melmaruvathur, Tamilnadu who claim to be forms or avataras of the goddess Narayani.[citation needed]
Hindu feminists such as Phoolan Devi have also used the goddess Durga as their icon. Traditions which follow the advaita philosophy consider that ultimately the supreme being is formless without any particular gender, or is transcendental to such considerations.
[edit] Women in Rig Vedic hymns
In the marriage hymn (RV 10.85.26), the wife "should address the assembly as a commander."[4]
A Rig Veda hymn says:[5]
Rig Veda, Book 10. HYMN CLIX. Saci Paulomi.—I am the banner and the head, a mighty arbitress am I: I am victorious, and my Lord shall be submissive to my will.
These are probably the earliest references to the position of women in Hindu society.
[edit] Status of Mothers in Hindu Scripture
"A son must always serve his mother even if she has been an outcast."
"The professor is equivalent of ten teachers, the father is equal to hundred professors, the mother exceeds a thousand fathers in honour."
"All other sins are expiable but he who is cursed the mother never liberated."
"An outcast father may be forsaken, but not the mother, she is never an outcast to the son".
"One conquers this world through respect for the mother, the middle religion (the firmament) through respect for the father, and through service to the preceptor one gains the region of Brahman."
[edit] Property rights
Arthashastra and Manusamhita are sources about the woman's right to property or 'Stridhan', (literally meaning, property of wife). It is of two types: maintenance (in money or land given by the husband), and anything else like ornaments given to her by her family, husband, in-laws and the friends of her husband. Manu further subdivides this into six types - the property given by parents at marriage, given by the parental family when she is going to her husband's house, given by her husband out of affection (not maintenance which he is bound to give), and property given separately by brother, mother and father [Manu IX 194]. Pre-nuptial contracts are also mentioned where the groom would agree to give a set amount of brideprice to both parents and the bride. Such property belonged to the wife alone and was not to be touched by the groom or her parents except in emergencies (in sickness, in famine, threatened by robbers, or for performing holy deeds). At the same time, the Manu Smriti contradicts itself by declaring that a wife has no property and the wealth earned is for the husband [Manu VIII.416].
Daughters and sons equally inherited their mother's property; but some scriptures insist that a mother's property belongs solely to the daughters [Manu IX 131], in order of preference: unmarried daughters, married but poor daughters, married and rich daughters. When a father died, unmarried daughters had to be given a share in their father's property, equal to one-fourth from every brother's share [since it is assumed that the married daughter had been given her share at marriage] [Manu IX. 118]. If the family has no sons, the (appointed) daughter is the sole inheritor of the property [Manu IX 127].
[edit] Study of scriptures
Several women sages and seers are mentioned in the Upanishads, the philosophical part of the Vedas, notable among them being Gargi and Maitreyi. The Sanskrit word for female teachers as Acharyā (as opposed to Acharya for teacher and Acharyini for teacher's wife) reveal that women were also given a place as Gurus.
The Harita Dharmasutra (of the Maitrayaniya school of Yayurveda) declares that there are two kind of women: Sadhyavadhu who marry, and the Brahmavaadini who are inclined to religion, they can wear the sacred thread, perform rituals like the agnihotra and read the Vedas. Bhavabhuti's Uttararamacharita 2.3 says that Atreyi went to Southern India where she studied the Vedas and Indian philosophy. Shankara debated with the female philosopher Ubhaya Bharati, and Madhava's Shankaradigvijaya (9.63) mentions that she was well versed in the Vedas. Tirukkoneri Dasyai (15th century) wrote a commentary on Nammalvar's Tiruvaayamoli, with reference to Vedic texts like the Taittiriya Yajurveda.
The Bhagavata Purana states that the Mahabharata was written specifically for women and also men who were not in the priestly Brahmin caste :
"Out of compassion, the great sage thought it wise that this would enable men to achieve the ultimate goal of life. Thus he compiled the great historical narration called the Mahabharata for women, laborers and friends of the twice-born."[6]
In several schools for Vedic priests, many graduates are women.[7]
[edit] Education
Katyayana's Varttika 125, 2477 mentions that there were female teachers of grammar. Patanjali wrote in his comments to Ashtadhyayi 3.3.21 and 4.1.14, that women undergo the thread ceremony before beginning their education, and says that women studied grammar.
[edit] Marriage
The most sacred part of the wedding ceremony involves circumambulating the sacred fire in seven steps to a Vedic mantra where the groom addresses his wife.
In the Manu Smriti, on the other hand, 8 types of marriage are specified: two involve bedecking the bride with costly garments and ornaments before giving her away, two involve the groom's family giving a gift to the family of the bride, and the other four do not involve an exchange of gifts. According to Manusmriti there are eight different types of Hindu marriages. Among the eight types all didn't have religious sanction. The last four were not religiously defined and were condemned. These are: Brahma Marriage, Daiva Marriage, Arsha Marriage, Prajapatya Marriage, Gandharva Marriage, Asura Marriage, Rakshasa Marriage, Paishacha Marriage. In Brahma marriage, once the boy completes his Brahmacharya Ashram (religious student hood), he is eligible to get married. His parents then approach the parents or guardian of a girl belonging to a good family and ask them for the hand of their daughter for their son. The father of the girl also carefully chooses the bridegroom who is well versed in Vedas and of a noble character. This is how a Brahma marriage was arranged. The bride came with only two garments and few ornaments. According to Dharmashastras "Brahma Vivah" is the best marriage among all.``The son born of the Brahma marriage sanctifies 21 GENERATION.-(that of the Daiva marriage 14 generations that of Arsha marriage and Kayah marriage six each.')
The Manusmriti enjoins, "'Let mutual fidelity continue until death.' This may be considered the summation of the highest law for husband and wife. (Manu Smriti IX 101)
Rigvedic verses suggest that the women married at a mature age and were probably free to select their husband.[8] The wedding hymn in the Rigveda (RV 10.85.37-38) speaks of "husbands" (plural) for a single wife, but this may have a mythological character.[8]
[edit] Dowry
The practice of dowry is not endorsed by orthodox Hinduism and "may be a perversion of Sanskritic marriage prescriptions."[9] Dowry is linked to caste status: among higher castes a dowry is expected from the girl's family; among lower caste families the dowry is paid to the girl's family.[10] As a result, the prevalence of dowry increases with the processes known as "Sanskritisation" and urbanization; abuse of the practice has thus increased in recent years.[9]
[edit] Polygamy
Thus certain mantras in Vedas describe demerits of Polygamy.
- Rig Veda 10.105.8 compares existence of multiple wives with multiple worldly miseries.
- Rig Veda 10.101.11 states that a man with two wives is pressed from both sides and weeps like a horse that neighs when pressed from both sides by spokes while driving a chariot.
- Rig Veda 10.101.11 state that two wives make life aimless.
- Atharva Veda 3.18.2 prays that may a woman never face threat of another co-wife.
[edit] Divorce
Hinduism in general disapproves of divorce. A divorced woman is generally forced to live as a widow. However in theological terms, both the Manusamhita and the Arthashastra state that, if a husband is impotent, a traitor, has become an ascetic or an outcast, or is missing for a prescribed number of years, then the wife can leave him without blame and marry again. The Arthashastra also declares that in other circumstances, divorce can take place only by mutual consent. Manu discusses situations where the wife wishes to return to her first husband, whether she has simply deserted him or married another.
[edit] Widowhood and remarriage
In traditional families, widows were, and in some cases still are, required to wear white sarees, and to give up their ornaments, including the bindi, which signifies auspiciousness. The presence of widows at religious rites in such families is considered inauspicious. Widows are expected to devote their lives to an austere pursuit of religion.[11] These restrictions are traditionally strongest in the highest castes, in which the head is frequently shaved as well. The highest castes also have severe restrictions on remarriage.[12] Such restrictions are now strictly observed only by a small minority of widows, though some degree of ritual inauspiciousness lingers.[11]
In NAsmR 12.45-48, there are three types of punarbhu, or a remarried widow: The virgin widow, the woman who abandons her husband to take up with another man and then returns to her husband, and the woman who has no brothers-in-law whom can give her offspring. Although this list is not exhaustive, it makes it clear that a punarbhu is not just any widow. Indeed, she may not have been a widow at all (as in the second case). In the other two cases, she is a childless widow, which is an important distinction. Although many texts do seem to address the remarriage of widows and sometimes permit it, it is not considered an ideal situation. A punarbhu is often not given the same rights as a woman who was married only once. The son of a punarbhu, a punarbhava, is often listed as one who is unfit to invite to a sacrifice, as is the husband of a remarried woman. The punarbhava also does not inherit as would a 'natural son'.
As of 2007, 3 per cent of the population of India consists of widows.[13] Most widows are abandoned to survive on charity, and many are reduced to begging on the streets. Some surveys show that as they are steeped in their religious beliefs and fearful of violating social customs, many widows do not wish to remarry.
[edit] Sati
Sati (as verb) is the act of immolation of a woman on her husband's funeral pyre. Sati (as noun) refers to one who either immolated herself willingly or through societal inducement and compulsion.
Sati was ideally performed as an act of immortal love, and was believed to purge the couple of all accumulated sin. (Sati was practiced by the ancient peoples of Scythia, Egypt, Scandinavia and China).[citation needed]
Though no scripture mandates sati, the Puranas, part of the Hindu Smriti, mention sati as highly meritorious in several instances. A few examples of sati are recorded in the Hindu epics, which are otherwise replete with influential widows. Some examples from the Mahabharata include:
- Several of Vasudeva's wives (Rohini, Devaki, Bhadraa and Madira) [M.Bh. Mausalaparvan 7.18].
- Madri, second wife of Pandu, who held herself responsible for his death, performed sati. His first wife Kunti did not. [M.Bh. Adiparvan 95.65]
Moreover, Kunti in the Mahabharata even had a son before marriage (albeit by accident or through her naivete), but went on to become a queen by marrying another man (king Pandu). This tale shows that society valued women more for their qualities of intelligence, determination, loyalty and leadership over personal and private issues like pre-marital virginity. Needless to say, Kunti, in spite of her pre-marital indiscretion, not only married a king, but also remained highly respected and loved by all (family and others) throughout her entire long life, and did not choose to commit sati at the time of her husband's death.
[edit] Female gurus and saints
- Mirabai – Hindu mystical poet whose works are known all over India. She deeply objected to the practice of sati.
- Lalleshwari – Hindu saint-poetess, and a mystic of the Kashmiri Shaivites.
- Bahinabai and Kanhopatra: Hindu poetess-saints of the Varkari sect of Maharashtra. Kanhopatra was a courtesan and dancing-girl by profession
- Sri Suryanarayana Jayanthi Kumaraswami also known as Swami Jai Sathya (Lady Saint of Chennai, India): Incarnation of Vishnu Bhagavan. Devotees also see Her as the incarnation of the Divine Mother and Mother Mary. Swamiji is considered to be Swayambhu or self born. She has formualted hundreds of different meditation techniques and has the power to tell the past, present and future of individuals. She executes healing programs, meditation for purification of thoughts, controlling of the mind, sex and sleeping disorders and healing sessions for any type of illness. Swami Jai Sathya also conducts special programs for children and elderly people. She has followers of different religious backgrounds in U.S.A., Canada, England, France, Switzerland, Trinidad and Tobago, British Virgin Islands, Martinique, Guadaloupe, St. Lucia, several parts of India and more. She has made major tours to the West of the World in 2005, 2006 and 2009.
- Sarada Devi – Wife of the saint Ramakrishna
- Amma Sri Karunamayi – Considered an incarnation of the Divine Mother
- Mother Meera – Considered an incarnation of the Divine Mother
- Shree Maa – Born in the Indian province of Asom, near the Shakta pilgrimage site of Kamakhya. Those who saw her in samādhi (or deep trance), would refer to her as "goddess of the mountain."
- Amma (Mata Amritanandamayi) – From a backward caste of fishers, the Arayan. She is considered by many, including non-Hindus, to be a divine saint. It is believed that a hug from her will help people deal with any pain and suffering. She tours the world, literally hugging worshippers. In 1993 she was a representative at the Parliament of the World's Religions. She practices Karma Yoga, and is called "Amma", meaning "mother." She also provides for the poor through her organization, the Mata Amritanandamayi Math.
- Anandamoyi Ma
- Gurumayi Chidvilasananda – a leader of Siddha Yoga.
- Nirmala Srivastava – guru and self-proclaimed goddess of Sahaja Yoga.
[edit] Notes
- ^ Sarkar, Tanika (2001). Hindu Wife, Hindu Nation: Community, Religion and Cultural Nationalism. New Delhi: Permanent Black. .[page needed]
- ^ Abbe Jean Antoine Dubois, Hindu Manners, Customs, and Ceremonies, translated from the French by Henry King Beauchamp, (Oxford: Clarendon Press, 1897)
- ^ ARGALA STOTRUM
- ^ R. C. Majumdar and A. D. Pusalker, editors, The History and Culture of the Indian People. Volume I: The Vedic age, (Bombay: Bharatiya Vidya Bhavan, 1951), p.424
- ^ "Rig Veda, Book 10. HYMN CLIX. Saci Paulomi". http://www.sacred-texts.com/hin/rigveda/rv10159.htm. Retrieved 2006-12-24.
- ^ Bhag-P 1.4.25
- ^ Vasuda Narayanan, Women of Power in the Hindu tradition
- ^ a b R. C. Majumdar and A. D. Pusalker (editors): The history and culture of the Indian people. Volume I, The Vedic age. Bombay : Bharatiya Vidya Bhavan 1951, p.394.
- ^ a b Miller, Barbara Stoler (1993). Sex and gender hierarchies. Cambridge, UK: Cambridge University Press. pp. 383–4. ISBN 0-521-42368-6.
- ^ Jeaneane Fowler. Hinduism: Beliefs and Practices (The Sussex Library of Religious Beliefs and Practices). Brighton: Sussex Academic Press. p. 54. ISBN 1-898723-60-5.
- ^ a b Bowker, John H.; Holm, Jean (1994). Women in religion. London: Continuum. p. 79. ISBN 0-8264-5304-X.
- ^ C. J. Fuller (2004). The Camphor Flame: popular Hinduism and society in India. Princeton, N.J: Princeton University Press. p. 23. ISBN 0-691-12048-X.
- ^ [1]
[edit] See also
[edit] Further reading
- Kane, Pandurang Vaman, History of Dharmasastra: (ancient and mediaeval, religious and civil law) -- Poona : Bhandarkar Oriental Research Institute, 1962-1975.
- Vasuda Narayanan, "Women of Power in the Hindu Tradition," pp.25-77 in Arvind Sharma and Katherine K Young (eds.), Feminism and World Religions, SUNY Press: Albany (New York).
[edit] External links
- "Nothing to Go Back To - The Fate of the Widows of Vrindavan, India" WNN - Women News Network
- Hinduism and the status of women
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