A Brief History Lesson
Before the 1991 economic liberalization, the Indian economy was stagnant, slow and inefficient. The dominant public sector, lack of foreign investments due to a closed economy and intensive bureaucracies led to a failing infrastructure. Sadly but surely, India was not the prosperous land where dreams could come true, and rather life was difficult for majority of the population in the economically-isolated country.
After the liberalization however, the economy opened up for trade, melting away Licence Raj, reducing high interest rates and tariffs, welcoming foreign direct investments, allowing private sectors to emerge, and leaning more towards an open economy market. In that sense, India is a relatively young economy, about 26 years old ever since it did away with the old and welcomed new businesses and opportunities. In this short time span the economic reform has increased life expectancy, literacy rates and food security.
India the Aviation Giant
Fast forward just 2.5 decades from the economic liberalization, India is in high demand for business partnerships by the world especially in the aviation sector, which is projected to become the third largest aviation industry in the world by 2020. In fact a few weeks ago, in June 2017 when PM Modi visited the United States, he agreed to importing aircrafts from the superpower by signing the U.S-India Aviation Cooperation Program which will generate $600 million dollars of trade.
Spicejet, an Indian aviation company has added an additional 100 aircrafts which will be imported from the U.S, and is going to help create and sustain 130,000 jobs in America.
Moral of the Story
Not only are these partnerships an achievement for the Indian aviation sector, but it also a matter of national pride to think that in such a short period of time the nation has become an economic power that so many countries strive to work with. It is a tribute to all those who work hard in the industry to create and maintain its integrity and represent it at the world stage. It is also a promising industry for aspiring professionals who dream to work in the vast and ever-growing aviation sector.
All India needed was the right opportunity and economic environment, and it has taken the world by storm despite many challenges and hurdles it faced. Now, with the push towards more equality and opportunities to include members with disabilities and minority populations in order to make the aviation industry even more welcoming, there is no stopping India! For all you dreamers out there, if you wish to join a moment that represents India at the world stage, do consider joining aviation. Jai Hind!
Sam Staley (2006). “The Rise and Fall of Indian Socialism: Why India embraced economic reform”