Was Dheerubhai wrong?

Few years ago I read a hand-book by great industrialist and visionary Dheerubhai Ambani named “India a superpower by 2020”.

The time when I read it was totally disturbed atmosphere for an Indian Economy. Everyone was experiencing the shortcomings of accepting globalisation. The economical corruption was on the peak as it is today and the GDP and other indicatory rates were depressing. Moreover the MNCs were trying to buy Indian Market using the money-power by manipulating economical policies.

As I was an Economic’s student I felt that it is a sheer madness to think India as an economical superpower not only within next 2 decades but atleast for next 50 years.

But on June 25, 2006 the world biggest steel company Arselor merged into Mittal Steel which is owned by India Born Industrialist L.N. Mittal. It was a major set-back for not all but for some Eauropeans who were opposing Mittal due to their Racial Ideas.

On the same day Tata Tea, a well known Indian Company baught US-based Eight O’ Clock Coffee Company for $220 m.

Our commerce minister Kamalnath righly pointed out the changing conditions and said that “I’m happy that some countries have realised that globalisation is not a one way street. They are realising that Indians are creating economic activity in their country”.

One can read it about it in detail in June 26, 2006 Economics Times issue. But the most important article in the same issue is “The Year Of The Liger”.

In this article the ET said that Indian Lions are taking over Global Tigers and gave the list of some recent overtakings viz. Beta farm was takenover by Dr. Reddy’s Lab for $570 m in Feb. 06, Sinvest was takenover 33.08% by Aban Lloyd for $446 m in June 06, Terapia was takenover by Ranbaxi Lab for $324 m in May. 06, Docfarma was takenover 22% by Matrix Lab for $263 m in June. 05, Teleglobe was takenover by VSNL for $239 m in July 05, Millenium Steel was takenover by Tata Steel for $175 m in Dec. 05.

Frankly speaking these overtaking are nothing do with current stock exchange index as it is driven by the operators but does make an long lasting positive impact on our economy and I think the India will be the economical superpower by 2015 if the same environment continues….

The question remains : Was Dheerubhai wrong expecting India as a superpower by 2020?

- Mrudula Tambe

Original post : Was Dheerubhai wrong?