O J's Corner : Reflections

India magnified

Indian tag appears to be pre-eminent the world over these days. The picture about the country is clear now unlike in the past when the world view was confined to a hazy vision.

The foggy-eyed foreigners have to change their perception about India as the land of snake charmers, sadhus and slum-dwellers. Of course, all these elements make a mark, which actually define our multi-coloured entity.

Think about the dichotomy. When 700 million Indians are living in poverty, the country has been generating millionaires.

The number of High Net Worth Individuals in the country went up from 70,000 in 2004 to 83,000 in 2005, each worth more than $ one million, according to a World Wealth Report. The growth in this category last year was by 20 per cent. India was second only to South Korea which produced 21.3 per cent more millionaires. Russia accounted for 1,03,000 millionaires, a growth registering 17 per cent.

The millionaires club in the US registered a slump from 9.9 per cent to 6.8 per cent.
That does not mean that the Americans are pass compared to Indians. One in 100 Americans is a millionaire while only one in 13,000 made the mega buck in India.

With 700 million poor inhabiting the country, the 83,000 millionaires roaming around is a fabulous achievement.

Let us consider some of the issues which received world attention these days.

India would be factored in by the world community when the US passes legislation to endorse the US-India civilian nuclear agreement exempting India from fulfilling certain requirements.

The US House of Representatives’ International Relations Committee has finalised the draft of the legislation. It will be placed before the House of Representatives on July 4, the US Independence Day.

July 11 would be the D-day for the House of Representatives to take up the legislation to exempt India from the purview of certain provisions in the US Atomic Energy Act 1954. President Bush is optimistic about the legislation being carried.

Another important development relates to the candidature of Shashi Tharoor, a Keralite, for election as the UN Secretary-General. Three other Asian candidates from Sri Lanka, South Korea and Thailand are in the fray, with Singapore’s former Prime Minister  Goh Chok Tong poised to join the race.

The decisive moves would gain firm ground only in October since the post falls vacant only on December 31, when Kofi Annan calls it a day as UN Secretary-General after completing a two-term tenure.

Well, the fact that Shashi Tharoor could establish his candidature has thrown light to the world on India’s prospects. The five permanent members of the UN Security Council have to clear the names for anyone to don the mantle. That India is in the reckoning is its strength re-inforced.

Another episode may have nothing to do with actual Indian achievement, but it has  Indian roots. Mittal-Arcelor merger to become the worlds’ largest steel venture has an Indian-origin connection. Lakshmi Mittal, the owner of the Mittal Steel Company, is an NRI. He has been living in London and his company has headquarters in Luxemburg, but he is a person of Indian origin.

Fellows, we are really a force to reckon with in the world view not only regarding physical wealth and power, but also metaphysical wealth in the form of Vedas and Upanishads.