The affluence generated by the growth swelled the Indian middle class which began to consume more products and services leading to an economic boom. Indian companies began to acquire foreign assets, with Tata snapping up Corus, Land Rover and Jaguar which was quite unheard of in the history of Indian corporate Dom. Several months after the global economic meltdown began, the investment bank, Nomura Group, declared that Indian companies are among the worlds healthiest. At present, India is ranked No. 2 in the healthy nations’ list, along with Thailand and South Africa. This is because India has less toxic assets. Toxic assets are financial assets, the value of which has fallen heavily.
It is therefore difficult to sell them off as there is no longer a market for them. India is also among the top nations having least toxic debt. Indian films and culture added to India’s soft power. India’s emergence on the global radar was the result of many factors.
Her pluralist, secular democracy has given room for deprived castes and ethnic communities to grow. Economic liberalization also opened the floodgates to massive investments. India has a vast pool of skilled labor, abundant natural resources and is the biggest exporter of software services and workers.
Signing the historic nuclear deal with the US was a shot in the arm. Over 50% of Indians are below 25 years, a great advantage compared to countries like Japan where there are more old people than young which spells doom for its economic productivity. Excellent roads, rail networks and air connectivity have revolutionized the transportation sector. India is also a major space power. India’s growth is the perfect example of the powerful synergies created by a healthy democracy, open society and a robust economy.