Stephen S Roach, chief economist at the US-based Morgan Stanley, returning from his fourth trip to India in three years, said the South Asian country has achieved breakthroughs in savings and foreign direct investments that would script one of the world’s most exceptional economic development stories over the next three-five years.
“I am returning from India with great enthusiasm. India has made solid progress on two counts — savings and FDI — and infrastructure development seems set to follow. These are breakthroughs that can unshackle India’s greatest strengths — a high-quality stock of human capital and the magic of its entrepreneurial spirit.
India’s national saving at 32.4 per cent in the 12 months ending March 2006 is up significantly from the 25 per cent average of the 1990 to 2004 period.
At the same time, the aggregate investment ratio has moved up to 33.4 per cent as of March 2006, a major breakout from the 26 per cent average of the preceding 15 years. And foreign direct investment is on target to hit $13 billion in the 12 months ending March 2007, more than double India’s previous best of $5.5 billion hit in the previous year.
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