The year 2003 to 2008 saw massive growth in India and China. The GDPs of both these countries are growing more than 8 percent while other European and North American Countries are growing at zero percent rate.
Since 1998, India and China saw the growth of IT industry in their countries but the growth was higher in India than China. BPOs and KPOs business boomed in India since then.
The massive growth of IT, Telecom and BPOs in India has helped many middle class families boys and girls in India, particularly in South India, to earn a good salary which hitherto was not available to them.
These middle class families slowly lifted to the upper middle class family category because of the Income they got from these Industries.
At the same time, Chinese concentrated more on other sectors for their growth as they are good in English. So, the growth is even in China in all sectors and the salaries rose nominally for all class of people. Hence, the growth of the Chinese families were more or less homogenious.
But in India, the growth is concentrated more in select sectors of the Industry. So, the growth of the Indian families is not homogenious. Only a few section of the people, say 10% of the population, has enjoyed the Economic growth.
While India was growing one side, we saw farmes suicide in some parts of the Country because of the crop failures. Price rise of essential commodities has made the life’s of the weaker class very difficult.
So, the recent Economic growth is enjoyed only by few percentage of the population of the India.
I would not say it as a real Economic growth untill all sections of the society enjoys the fruits of growth.