Its not for nothing that they call economics the dismal science – with the credit crunch it seems anything economic seems dismal as anything. Not for India today who announce an annual growth rate of 7.9% above what they had forecast. ”As upside surprises go, this was a big one,” said the HSBC economist Robert Prior-Wandesforde.
Some of this came from good things – an increase in agricultural output was good to hear but the output increase in services owed much to a 12% pay hike for civil servants and army officers which is not such a good thing as the Indian government services remain chronically inefficient and bureaucratic.
We Keralites cannot complain as we trudge our way towards a new state government next year which is likely to be Congress dominated and will sweep away, we hope, the seriously nepotistic practices of the present shower.
India is taking off – maybe soon Dubai nationals will be coming to Kerala for jobs rather than the other way around. Now that would be good news seeing overweight Gulfites breaking their backs on Indian road repairs.
