How it started...
On 30th November,2001 well known investment firm Goldman Sachs published a paper.
It coined a term BRIC (Brazil,India,Russia and China).They proposed that by 2050,BRIC will be four most dominating world economies leaving behind USA and European Union.It raised eyebrows around the world.India, always considered as coutry of snakes and charmers by westeners suddenly came in spotlight.
Now India is seen as country with 1.1 billion consumers whose income level is rising.
Still people had doubt abt that theory.
US strategy department came out with report which projected the end of unipolar world with rising powers India and China by 2025.Now there were no doubts.
these countries’ equity markets have seen a remarkable increase in their value: Brazil has risen
by 369%, India by 499%, Russia by 630%, and China by 201%, using the A-share market, or
by a stunning 817% based on the HSCEI.
The equity market performance is just one manifestation of the staggering rise in BRICs.
FDI inflows into India reached a record US$19.5bn 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 $24bn and for 2008-09, it is expected to be above $35 billion.
India's GDP is US$1.089 trillion, which makes it the twelfth-largest economy in the world or fourth largest by purchasing power adjusted exchange rates which stands at US$3 trillion. India's nominal per capita income US$977 is ranked 128th in the world.
India's GDP grew by staggering 9+% for past three years and for 2008 it's projected to grew be 7-8% in midst of global recession much above 'hindu growth rate' of 3-4%.
During this period our poverty decreased by whopping 10%.
By 2050 by most conservative estimates India would be first or second largest economy in the world with China if growth at this rate continues.
Then she would have per capita income of 3000$ still lowest in the world.
To sustain this growth India is spending US$500billion on infrastructure (roads,highways)in next 5 years alone.Billions of dollars is being spent on Socio-economic up liftment of poor.
In the year 2007, India received a whopping USD 27 billion in remittances ie money sent by NRI's to there family in India.
It's estimated if people of India and China attain the same standard of living as people of developed world,another two earths would be required to get required resources!