Re: ArcelorMittal scraps Rs. 40,000 crore steel project in Odisha: rep
Mining (and natural resource extraction in general) is notoriously related to things like corruption, environmental destruction and public health disasters; however if you look closely the act of mining itself isn't the primary problem, but rather the lack of appropriate oversight. This is precisely why mining in most parts of the under developed world with incompetent and corrupt governments is disastrous (particularly Central Asia and Africa) while developed countries with functional institutions like Australia, Canada and USA have benefited tremendously from their local mining ventures.
The true repercussion here isn't the failure of the mining project but rather the absolute ineptitude of the Indian establishment to manage large ventures effectively due to incompetence, corruption and laziness and the subsequent aversion by multinational companies. Gone are the days when India was touted to be the "next great thing", now for many foreign investors India has become an acronym for "I'll never do it again."
Adding to your post.....not only foreign investors are getting increasingly averse of India, majority of Indian industrial groups & conglomerates prefer investing outside India. In fact, there are still several new companies entering India for setting up offices, while existing ones are adding numbers & expanding presence at a hectic pace but it is the mostly the Indian investor that is deserting India for he sees little hope here.
We deserve this. Our people chose this government. Lets see if the electorate can get its act together rather than being swayed by populist freebies, caste reservations, free booze & empty rhetoric. Also, the upper middle-class & elite needs to shed its habitual apathy & passivity.
I have been in & out of India in last 8 years & have seen quite a bit: up, close & personal.
Media hype makes India a "big-thing" & its the same factor that advertises India as a "damp squib" or a "failed story". The reality is, truth lies somewhere in the middle.
India would never be really become a "big thing" but neither would India ever stop growing (at least for the next 50 years).
I wont prognosticate much but it is a given certainty that India would continue to get only better for more & more numbers of its people. There is no stopping this juggernaut. Not anymore. Forces already set in motion would ensure that the march towards betterment continues.
There are too may factors at play here & unless one understands the dynamics of their interplay, he is susceptible to form phony & half-baked notions about India.
Numbers are the closest one gets to the "absolute truth" & yet numbers alone won't give you the complete picture. The objective reality here is in stark contrast to what is being fashionably reported by media columnists & wannabe experts.
The real Indian story doesn't get much coverage. The picture here is more rosy as well as bleaker, simultaneously, depending upon who is the subject of your interest.
