May 31st 2012, 13:03 by P.F. | PUNE
INDIA’S economy has had some bad economic ideas inflicted on it over the past century, from imperial neglect to the cult of the village and big-ticket socialism. Maybe the concept of BRICs—a handful of emerging economies including India that were destined for fast growth—should be added to the list. It led to a bubble of complacency that is now being popped rather brutally. Growth in India was 5.3% in the three months to March—worse than the 6% expected, below the prior quarter and way below the close-to-double digit rates that were meant to be preordained and propel India to economic super-power status.
PATNA: Bihar accelerated its growth rate to 14.8% in 2010-11 but still continued to be at the bottom of the pecking order in terms of per capita income in the country.
This was the highlight of the Economic Survey 2011-12, which was tabled in the state legislature on Wednesday by deputy CM Sushil Kumar Modi, who also holds the finance portfolio. The state’s economy grew at an annual rate of 11.36% between 2004-05 and 2010-11, riding on substantially higher public investment.
Conference on Leveraging India: Strategies for Global Competitiveness
Sydney, Australia, April 11-12, 2012
Emerging Market Internationalization Research Group (EMIRG)
The University of Sydney Business School
Institute of Global Management Studies (IGMS), Fox School of Business, Temple University
Convenors: Sid Gray, Vikas Kumar, Ram Mudambi, and Chinmay Pattnaik
PATNA: Continuing his tradition of presenting annual report card listing the achievements and targets of his government, which he started in 2006, CM Nitish Kumar released the sixth report card – first of his second tenure – on Friday, highlighting his agenda of development with justice.
“Development with justice is the mantra of our government. We have to build a Bihar where development goes hand in hand with justice. We want to see the glow of self-esteem, self-confidence and self-sufficiency on the faces of 10.4 crore Biharis,” said Nitish at the release function.
In Patna, the noisy capital of India’s northern Bihar state, a crowd gathers early for the weekly janata darbar, the “people’s audience.” Many have traveled for hours, even days; some stop for a bit of fortification — sticky sweets and fried snacks from vendors on the lawns outside — before they enter the makeshift meeting hall. By 10:30 a.m. hundreds are standing under the whirring ceiling fans and corrugated metal sheeting. They form an impeccably ordered queue. Nearly all are men, most are poor, a few are barefoot, and each one has showed up for the same thing: to present their grievances directly to Bihar’s chief minister, Nitish Kumar, the man at the end of the line.