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The Indian economy is in the midst of an unprecedented growth spurt. During the last three years, it grew at about 9% plus, while it was 9.4% during 2006-07. The non-farm sector recorded a growth rate of 10% for the last three years and 11% in the immediate preceding year, as against 6% recorded during the earlier years. The investment rate in the country rose to 35.1% during 2006-07 from a peak of 25% during 2002-03. The domestic savings too have shown a significant rise: they grew by 30% in 2003-04, 32.4% in 2005-06, and 34.7% of GDP during 2006-07. The foreign exchange reserves stood at a comfortable level of $218.5 bn plus. The number of millionaires has grown substantially. Market is awash with liquidity. Interest rates are lying low. Credit supply is at its peak. Indeed, low-cost-credit-driven-consumerism in the urban sector is generating good demand for industrial output. And the future too is looking hunky dory.
Amidst this newfound economic euphoria, there exists another India. In it a farmer gets up at dawn and sets out for his field with his cattle and plough to till the land. He runs around banks to prove his creditworthiness and avail himself of a loan to cultivate cotton crop. If it fails, he goes around local moneylenders and ultimately borrows cottonseed from a neighboring Seth and sows it in his field. He then, like a Chakori bird, longingly awaits the rain clouds to descend with prayer in his eyes.
As the rain gods concede his imploring, and cotton seeds sprout proffering namaskar with their twofolded sprouts, he rushes to his Seth to borrow fertilizer or the bank to borrow money and buy fertilizer and apply to nurture a strong growth in his tender seedlings. Even to celebrate festivals or family events falling in between, he has to rush to his Seth to borrow money. |
