When on the evening of 5th November 2008, trends which started getting converted to the declared results brought about a sea change in the global perspective of millions of people across the world. A democrat candidate was elected who has all the dissimilarities wrt to most of the fellow Americans. He is a Black with a Muslim syllable in his name though has been following Christianity for years but believes in Lord Hanuman(keeps an Idol of HANUMANJI). Thus, a person with so much of conflicting traits & attributes in his personality has been looked upon with immense hope of revival of WORLD ECONOMY & various other burning issues. Obama since has hailed from a very modest background & thus has a strong belief in the equitable distribution of wealth in the masses which he plans to address through the differential Income Tax structure & other booties.
From the recent stats of an EXIT Poll done in US, more than 62% people voted for OBAMA because of the financial turmoil that has been thrown at them by the incumbent government. Just over 10% people responded that IRAQ war & the army deployment was the main issue for voting in favour of Obama. These statistics clearly indicate the change in world order which a common American has now starting accepting by choosing someone whose class/race was considered second to the Caucasians. The main issues before OBAMA are the following:
1. Address the Global Financial Crisis
2. Put an end to the atrocities meted to inmates of Guantanamo Bay Prison
3. Address to the Climate change issues & behave in a more responsible manner.
These above issues as they say are most important & will be sorted out on top priority by the new administration at white house which will take control on 19th January 2009. But, I think Obama has some other equally important duties & tasks to accomplish as in the liberal policy towards the WTO Regime & not switch to the PROTECTIONISM for which Democrats have been (in)famous for in the past. This broader mindset will indicate the respect for the merit & bring more transparency in overall decision making at the highest level. Obama has been prudent in saying that he believes in Con-census making by taking into account the viewpoints of all the stakeholders concerned. This clearly points to the shift in the Thinking of the West towards the emerging economies of the world,viz. India & China. The American markets have also started looking at these markets of India & China for determining the prices & thus making these Asian giants the PRICE SETTERs from the PRICE TAKERS in the past.
India’s position is a slightly different & better than that of China as India has come much closer to US in the past few years, thanks to the Bush Administration which helped in lifting of the Nuclear Aprtheid that India had been facing for last 34 years & helped address its Energy Needs. India has also been given special status in the world forum as Indian Premier was invited to the G8 summit for past few years continuously. Though there are a few issue on which Obama’s viewpoints seem adverse for India :
1. Kashmir issue & third Party Mediation
2. Stern Stand on cutting down of Outsourcing of US jobs to Countries like India.
India has been a staunch opponent of any kind of 3rd Party mediation to resolve out the Kashmir Issue & this comes as an adverse view on that note. Moreover, Indian outsourcing Industry which is worth USD 40bn & employs most of the Highly skilled inexpensive workforce is very difficult to ignore & if that happens then, it may spell out a disaster for the Indian Economy. But, Som Mittal NASSCOM Chief, “ Its very difficult to ignore India & the value addition done by the Indians in the IT space at a very competitive rates is unmatchable & thus is difficult to remove . This would be against the very Fundamental principles of Economics & the Comparative advantage theory”.
But, let us wait & watch what all the future has in its store for the world & India per se.
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