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Last Updated Tuesday April 25 2017 10:20 AM IST

Getting the most out of Indian 'elephant' economy

P. Kishore
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Getting the most out of Indian 'elephant' economy (Representative image: Reuters)

Those preparing for a government employment need to learn a lot. To perform well in PSC and UPSC exams, one has to learn about a host of government programmes and with the Centre announcing new schemes at the drop of a hat, it is becoming tough to keep track.

If one enquires whether all these programmes are happening, then one can cite examples of GE, Boeing etc who came to India as per the Make in India campaign.

The advantage in India is that salaries are lower compared to Europe or the US or the UK and other foreign nations. Since the Indian market itself is big, one need not worry about demand and profit. The profits that Suzuki is reaping are proof enough.

However, there are many who started initiatives here before Make in India and left much more wiser. Taxes, that too with retrospective effect, drove away firms who invested hoping to do business in India. Even startups are leaving India for other nations, example being Grophers, a firm that was started by IITians.

Compared to Singapore and Hong Kong, India is not able to attract investments. In 2014, while Hong Kong attracted $10,300 crores as FDI, India could attract only $3,400 crores. Singapore, which is only half as big as Kochi, attracted $6,800 crores.

There is a feeling that business is expanding in India. That is perhaps why 42 CEOs of Fortune 500 companies dined with Modi when he visited the US. India was able to attract incentives from companies during the visit.

India is akin to an elephant, it cannot move fast. A small hook of a controversy is enough to stop it in its tracks. There is no point comparing it to Asian tigers such as Singapore. However, when the elephant runs, it can be a show stopper; and that is exactly what mahout Modi is trying to do.

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