Asit K. Biswas
NEW GLOBAL INDIAN | November 1, 2012
Early August more than 10% of the world’s population suddenly found out that they have no access to electricity. A large scale failure of this magnitude has never happened. It did immense long term damage to the credibility and reputation of India in terms of attracting foreign direct investments (FDI) to keep its economic development engines humming.
With declining FDI and lower GDP growth rates, this failure is likely to have long term adverse implications for India’s economic and social development. In retrospect, while the actual timing of this event could not have been predicted, all the indications were evident for some time that it was an accident waiting to happen. Signs of this impending catastrophe have been evident for years.