Abstract: After Silver Jubilee of India's independence, India is now one of the
fastest growing economies; hot FDI destinations of the World; India is the sixth-largest economy globally, with a GDP of $2.66 trillion. India is the world's largest producer of milk, pulses, and jute and ranks as the second-largest producer of rice, wheat, sugarcane, groundnut, vegetables, fruit, and cotton. It is also one of the leading producers of spices, fish and poultry, livestock, and plantation crops. (FAO 2018), it also produced 25 percent of the world's pulses, as of last decade, until 2019. (1BEF, 2021)
Whereas
India still has many areas of concern. Despite having food security, India has 97.7 million living below the poverty line,
which is around 6 percent of the population in 2021, as per the World Poverty
Clock; India's rank is 66 out of 109
countries in United Nations Global Multidimensional Poverty Index 2021: India
ranked 101st out of 116
countries in the Global Hunger Index 2021. India ranked 131 out of 189 countries on the U.N. Human Development Index 2020; India
ranked 139 out of 149 countries in
U.N. World Happiness Index 2021. In this article, the data of major
socio-economic factors are analyzed to track the journey of India's growth in
the past Silver Jubilee and has analyzed it using simple statistical tools like
percentage and growth rate. The data about Silver Jubilee of India's
Independence, GDP, Per capita Income Growth, Capital formation, Savings,
Foreign Trade, Agriculture, Indebtedness, Industry, MSME, Infrastructure,
Poverty, inequality are analyzed, and meaningful analyses were drawn. The
Challenges to the Indian economy, the way forward, and the lessons India can
learn from China and South Korea are also discussed. India can surge ahead to
its potential and celebrate the 100th year of India's Independence
as a World Economic Superpower if India invests 6 percent of its GDP in
imparting quality skill education, 4 percent of its GDP on providing quality
health; increase the domestic capital formation to 40 percent, create
world-class infrastructure, create more employment opportunities, eradicate Poverty
and casteism, reduce inequality and corruption.
Keywords: Silver Jubilee of
India's Independence, GDP, Per capita Income Growth, Capital
formation, Savings, Foreign Trade, Agriculture, Indebtedness,
Industry, MSME,
Infrastructure, Poverty, Inequality, China, South Korea
Introduction The Government of
India is celebrating the 'Azadi Ka Amrit Mahotsav to commemorate 75 years of
progressive India and the glorious history of its people, culture, and
achievements. At this juncture, it is also the time to retrospect the journey,
trace the challenges and plan for the way forward. Before the advent of the
Britishers, India was prosperous, hence was called "Sone ki Chidiya"
or "The Golden Bird." However, after British colonization, India's
wealth was systematically drained. India inherited a crippled economy from the
British. Agriculture was the primary source of livelihood for the majority. Around 85 percent of the country's population lived in
static Rural India. The agriculture sector
faced stagnation and constant deterioration due to low productivity and a high
degree of vulnerability. Britishers followed the systematic destruction of the
Indian handicraft and cottage industry. India, which was once an exporter of
finished products, became a supplier of raw materials and consumer of finished
goods from the factories of Britain. Except for a few kinds of cotton and jute
textile mills, there was hardly any development of modern industries. The TISCO
was the only essential industry when India got Independence. The Government's
participation in the process of modem industrialization was minimal. During the
colonial period, basic infrastructure such as railways, ports, posts, and
telegraphs was developed in a few areas, but the roads constructed were not fit
for modern transport. The other essential features were:
1) The overall literacy level was less than 16 percent, and
the female literacy was just 7 percent.
2) Public health facilities were inadequate and not
available to the masses 3) Infant mortality rate was 218 per thousand
4) Life expectancy was only 44 years
5) Birth rate was very high at 48 per thousand and death
rate was 40 per thousand persons.
The majority of people at India's Independence were poor; India
lacked capital and technology. The Indian economy was weak. However, the
aspiration of Indians was high, so were that of our spirited leaders! India
from 1951 went in for mixed economy with a tilt toward
socialistic Characteristics, and from 1991, though continued as the mixed
economy has tilted towards capitalist characteristics.
India's
Journey of 75 Years
After 75 years of India's Independence, India is now one of the
fastest-growing economies; hot FDI destination of the World; India is the
sixth-largest economy in the world, with a GDP of $2.66 trillion (Caleb Silver-Investopedia
(2021).
The number of billionaires in India was 0 in 1991 has increased
to 136 in
FY21, five less from FY20. India ranks third
among countries with the most billionaires (Fortunes billionaire List, 1991 and
2011).
Sensex touched 1000 on 25th July 1990 and closed at 1001. In
1991, Sensex was 1027.38; it crossed 2000, for the first time in 1992, and
touched the lifetime high of 61,068.54 on 14th October 2021
(https://www.bseindia.com/).
Whereas India still has many areas of concern too. Despite
having food security, India has 97.7 million
living below the poverty line, which
is around 6 percent of the population in 2021, as per the World Poverty Clock.;
India's rank is 66 out of 109 countries in United Nations Global
Multidimensional Poverty Index 2021: India ranked 101st out of 116 countries in
the Global Hunger Index 2021. India ranked 131 Out of 189 countries on the U.N.
Human Development Index 2020; India ranked 139 out of 149 countries in U.N.
World Happiness Index 2021.
Hence, for meaningful analysis, the data of major socio-economic
factors are analyzed to track India's growth journey and evaluate it.
Questions
in my mind
1. How are the major
macroeconomic indicators performing?
2. Whether Indian
economic development has crossed the take-off
stage (as per Rostow stages of growth theory) 'in these 75 years
or not?
3. Is India's journey
similar to the man who, after running for 75
years, found himself at the same place or a new better place?
4. Whether India has
successfully come out from the British projected land of snake charmers and has
projected herself as the land of economic development, Yoga, start- ups,
innovation, fastest-growing Economy, and leader in space technology?
5. Whether India
successfully got rid of ignorance, blind beliefs, casteism, illiteracy, rapid
Poverty, unemployment, and Inequality?
6. Where does India
stand vis-à-vis China and South Korea, which got Independence around the same
time?
Objectives of the
Study 1. To
study India's performance on various economic indicators over 75 years.
2. To analyze India's
economic development in the 75 years
3. To analyze India's
performance vis-à-vis China and South Korea which got Independence around the
same time
4. To identify the
significant challenges for India's economic development
5. To suggest the way
forward for India's economic development
Methodology The Study is based
on secondary data collected from Annual Reports,
Economic Surveys, World Bank reports, IMF Reports, United
Nations Reports, World Inequality index, etc. The data is collected for 75
years, from 1947 to 2021. In order to compare India's economic growth with that
of China and India, the relevant secondary data is collected and analyzed.
Comparing India with China and South Korea is that China has a population size
comparable to India, whereas South Korea had almost similar socio-economic
problems as India. The other notable factor is that China got Independence
after two years of India's Independence (1st October 1949), and South Korea got
Independence one year after India got Independence (15th August 1948). The data
is analyzed using simple statistical tools like percentage and growth rate.
Visual representations help us to understand the data efficiently. The
researcher has used line diagrams bar diagrams to present the collected data
with more clarity and authority.
Analysis
GDP and per Capita Income Growth
According to the World Bank report, India's GDP increased to
2622.98 billion U.S. dollars in 2020 from 30.6 billion U.S. Dollars in 1950.
The real GDP growth rate rose from 0.9 percent in the British period to an
average annual rate of about 5.75 percent during 1950-51 to 2019- 20.
Figure 1 – India's GDP
Growth during 75 Years 2020 21
Source: Economic
Survey of relevant years, Ministry of Finance, Government
of India.
The real GDP growth rate rose from 0.9 percent in the pre-Independence
era to an average annual rate of about 4.0 percent from 1950-51 to 1990-91. The
average annual growth rate, dubbed as Hindu growth
of 3.5 percent till 1980, bettered because
of good growth from 1980 to 1989, where the average growth was 5.9 percent.
During 1991-2000 the annual growth rate of GDP was around 6.6 percent. The
introduction of second-generation economic reforms led to impressive average
growth of 8.8 percent between 2000-01 and 2009 10. Between, 2010-11 to 2018-19,
India's economic growth has averaged 7.1 percent. India's real GDP grew by 4.2
percent in 2019-20 and contracted by 7.3 percent in 2020-21. During the last
quarter of the 2010 decade, the real GDP declined due to global slowdown and
covid-19 in 2020-21.
During the
post-economic reform period, India's real GDP growth was at its peak in March
2010 when it scaled 13.3 percent. The
nominal GDP at that point was over 16.1 percent and was at the lowest in
2020-21 when real GDP contracted by 7.7 percent. At current prices, the per capita
income increased from Rs.274 in 1950-51 to Rs.126968 in 2020-21. On average,
Indians Per capita has increased by seven times today compared to 1950-51 at
constant prices of 2011-12.
Figure 2 –India's Per capita Growth
Source: Economic Survey of relevant years, Ministry of Finance,
Government of India.
On average, Indians
today have seven times better Per capita compared to 1950-51. The significant rise in real per capita income despite the
population growth from 359 million to 1.4 billion over these 75 years reflects
an even faster rise in national income. India's GDP and Per capita compared to
China and South Korea: India, compared with China, is lagging as China's GDP is
5.46 times higher than India's GDP in 2021. On a PPP basis, the GDP of China is
2.61 times higher than that of India's GDP. The per capita income of India was
almost equal to China and South Korea till 1960, whereas by 2020,
India's GDP per capita income was 1901 U.S. dollars which are challenging to compare
with the Per capita income of 10,484 US dollars in China and 31,637.30 US
Dollars in South Korea
(statisticstimes.com and nationmaster.com).
Capital
formation and Savings
At the time of Independence, India was regarded as a
capital-scarce country. The gross domestic capital formation as a percent of
GDP has increased from 9.5 percent in 1950-51 to 30.1 percent in 2018-19,
whereas the gross domestic capital formation as a percentage of GDP rose from
9.3 percent in1950-51 to 28.6 percent in 2018-19. In 2021-2022, it increased to
29.6 percent (Economic Survey 2021-22). The significant cause of worry is that
domestic Capital formation in India has been declining since 2008-09 after it
reached the recorded peak of 38.1 percent of the GDP.
Figure 3- India's
Capital Formation and Savings as Percentage of GDP at
Current Prices
Source: Economic
Survey of relevant years, Ministry of Finance, Government of India.
Without increasing capital investment, one cannot expect more industrialization and higher growth. Efforts should be made to increase the domestic capital formation to 40 percent of the Gross Domestic Product every year for a minimum of another ten years to catch up with China's growth
Foreign Trade
India's share of world trade in 1950 was 1.78 percent. However,
later on, it decreased considerably, and till 2000, the share of India in world
trade was just 0.75 percent. India's
share in total world trade increased to 2.6 percent in 2020-21, whereas China
contributes around 17 per cent to global trade.
Figure 4- India's
Foreign Trade
Source: Economic
Survey of relevant years, Ministry of Finance,
Government of India.
Agriculture
Agriculture is still regarded as the backbone of the Indian
economy as it is the source of livelihood for the majority of the workforce in
India. However, the share of agriculture to GDP has reduced from 54 percent in
1950-51 to 17.8 percent in 2019-20, and it increased to 19.9 percent in
2020-21. It was the highest since 2003-04 where the contribution was around 20
percent. In recent years the contribution of agriculture to GDP was between 16
percent and 18 percent and 60 percent of India depended on agriculture for
their livelihood in 1947, but now one out of two in the workforce depends on
agriculture for their livelihood directly indirectly. Indian farmers raised
India from a food-deficit country to a food surplus country. Indian farmers
today are growing 296.7 million tons of food grains from a mere 46.2 million
tons of food grains production in 1950-51. Indian farmers grew 296.7 million
tons of food grains in 2020-21 from a mere 46.2 million tons of food grains
production in 1950-51. The average yield per hectare of food grains increased
from 505 kgs in 1950-51 to 2325 kgs in 2019-2020. The per capita availability
of cereals has increased from 334.2 grams per day in 1951 to 464.6 grams in
2020, and pulses during the same period declined from 60.6 grams per day to
47.9 grams per day. Efforts should be made to shift the surplus workforce in
agriculture to MSMEs, and the average yield per hectare has to be increased
along with other measures.
Indebtedness:
Indian farmers, though they gave India food security, are still
struggling and suffering. More than three and a
half lakh farmers have committed suicides in India from 1995 to 2019. According to NSSO 59th round, 48.6 percent of farmers are in debt. They take 80 percent of
the new loans to repay the old debts. Twenty-two percent of
the farmers do not get credit from any sources. Twenty-nine percent of the farmers depend on the money lenders
for their credit needs who pay exorbitant interest rates. Twelve percent from
traders, 18 percent from friends and relatives, only 27 percent of the
agricultural households depend on the commercial banks, while 26 percent depend
on the co-operative bank, 5 percent on others. Even now, this is more or less
true of the Indian farmers.
Industry
Public sector industries played a significant role in India's
Industrialisation. In 1951, there were only five Public Sector Enterprises with
Rs 29 crores investment. As per the Public Enterprises Survey 2018-19, there
were 348 CPSEs as of 31st March 2019, out of which 249 were operational. The
remaining 86 CPSEs were under construction, and 13 CPSEs were under closure or
liquidation. Total paid-up capital in all CPSEs as of 31.3.2019 stood at Rs.
2,75,697 crores were showing a growth of 8.55 percent. Total financial
investment in all CPSEs stood at Rs.16,40,628 crore as of 31.3.2019 compared to
Rs.14,31,008 crore as of 31.3.2018, recording a growth of 14.65 percent. Total
gross revenue from all CPSEs during 2018-19 stood at Rs. 25,43,370 crores
compared to Rs. 21,54,774 crores in the previous year, showing a growth of
18.03 percent.
The disinvestment process, which began in 1991-92 with the sale
of minority stakes in some PSUs, shifted to strategic sales from 1999-2000 to
2003-2004. At present, the Narendra Modi government has decided that central
public sector enterprises will exist only in the 'strategic sectors' where the
government role will be essential, and the rest will be privatized.
MSME: In the
financial year 2020, the total number of MSMEs in the country was more than 63
million. According to DGCIS data, the value of MSME related products in India
is 147,390.08 million dollars and contributed 48.56 percent of total export
during 2017-18. MSMEs exposed to a
higher level of integration with global value and supply chains play a critical
role in global trade systems. MSME contributed 29 percent to overall GDP in
2019. The covid-19 pandemic has affected the MSMEs very hardly. Due to
this, some of the MSMEs were closed or nearing closure. Despite the Government
measures for the revival, many MSMEs are still struggling.
Infrastructure
The length of railway lines at the time of Independence in 1947
was 25170 kilometers of Broad Gauge (B.G.), 24153 kilometers of Meter Gauge
(M.G.), and 5370 kilometers of Narrow Gauge (N.G.). In 2021, Indian Railways
were among the world's largest rail networks, and its route length network is
spread over 67,956 km, with 13,169 passenger trains and 8,479 freight trains,
plying 23 million travelers and 3 million tonnes (M.T.) of freight daily from
7,349 stations. India's railway network is recognized as one of the largest
railway systems in the world under single management. The total length of
national highways in India was around 21,000km in 1947, increasing to 136,440
in 2021. In FY21, 13,298 km of the highway was constructed across India.
(statista.com/statistics/729992/india-length-of-national-highways/).
The Government has proposed in the central Budget for 2022-23
that they will expand national highways by 25,000 kilometers during 2022-23. Today India has the second-largest road
network globally, spanning a total of 5.89 million kilometers. The road
network transports 64.5 percent of all goods in the country, and 90 percent of
India's total passenger traffic uses the road network to commute. Road
transportation has gradually increased over the years with improvement in
connectivity between cities, towns, and villages
(www.ibef.org/industry/roads-india.aspx).
Poverty
At the time of Independence, the incidence of Poverty in India
was about 80 percent, about 250 million. NITI Aayog (2021), based on the data
from the National Family Health Survey-4 (2015-16), has identified 25.01
percent of the population in India in 2015-16 as multidimensionally poor
calculated based on the headcount ratio. NITI Aayog has calculated the National
multidimensional poverty index using 12 indicators, namely nutrition, child and
adolescent mortality, antenatal care, years of schooling, school attendance,
cooking fuel, sanitation, drinking water, electricity, housing, assets, and
bank account, which are grouped under three dimensions namely, health,
education, and standard of living. The highest number of the deprived in India were in cooking fuel
to the extent of 58.5 percent, sanitation 52 percent, housing, 45.6 percent,
nutrition 37.6 percent, maternal health 22.6 percent, drinking water 14.6
percent, assets 14 percent, years of schooling 13.9 percent, electricity 12.2
percent, bank account 9.7 percent, school attendance 6.4 percent, and child and
adolescent mortality 2.7 percent. Bihar is the poorest state, with 51.91
percent of the state's population falling under the multidimensionally poor
category, followed by Jharkhand at 42.16 percent and Uttar Pradesh at 37.79
percent. Whereas Kerala registered the
lowest population poverty levels, with 0.7 percent of its population were
multidimensionally poor, followed by Puducherry 1.72 per cent., Lakshadweep
1.82 percent, Goa 3.76 percent, and Sikkim 3.82 percent. The United Nations
Development Programme (UNDP) MPI for 2021 showed that 27.9 percent of India's
population was multidimensionally poor. The country ranked 62nd out of 109
nations on the index. This index was based on ten indicators, whereas NITI
Aayog based its National MPI based on twelve indicators
International
Poverty Line:
The poverty rate in India, as per the World Bank's international
poverty line of 1.9 dollars in PPP terms, increased to 12.3 percent in the
financial year 2021 from 9 percent in the financial year 2020. It will likely
reduce around 10 percent in F.Y. 2022 (World Bank (2021). The covid-19 has
further led to an increase in Poverty in India. The Pew Research Centre
estimates that 75 million more people into Poverty are projected to rise by 134
million in 2020. The increase in India accounted for nearly 60 percent of the
global increase in Poverty in 2020, defined as those who live on $2 or less
daily. Prior to Covid-19, the poor in India had decreased from 340 million in
2011 to 78 million in 2019. It would have further decreased to 59 million in
2020 without the pandemic. There was a drastic reduction in the middle-class
population in India due to the covid-19 pandemic. Pew research center, which
defines the middle class as people with incomes of $10.01 to $20 a day, estimates
that the middle-class population grew from 29 million in 2011 to 87 million in
2019. However, due to the Covid-19 recession, the middle-class population
shrank by 32 million and is expected to fall to 66 million in 2020 (Pew
Research Centre 2021).
Increase
in inequality
During 1858-1947 (British rule), India had broad income equality
as the top ten percent of the population had around 50 percent of the national
income. However, unfortunately, the introduction of New Economic reforms
increased economic growth and economic inequalities. The Covid-19 has further
increased the inequality in India. As per the 'World Inequality Report 2022',
India is among the unequal countries in the world, with rising Poverty and an
'affluent elite. As per the report, the bottom 50 percent of the households own
only 13 percent. The middle class owns 29.5 percent of the total wealth
compared with the top 10 per cent holding 65 per cent and top most, one percent
owning 33 percent of the total wealth in India. The average national income of
the Indian adult population is Euro (€) 7,400 or Rs 204,200 that year on a
purchasing power parity basis. India's average wealth stands at €4,200, which
is six percent of the total. The middle class owns an average wealth of only
€26,400 or Rs 723,930. The top ten percent own €231,300 or Rs 6,354,070, and
one percent own over €6.1 million or Rs 32,449,36. The Oxfam inequality report
2021 states that in India, billionaires' wealth increased by 35 percent during
the 2020 lockdown and by 90 percent since 2009. India's 100 billionaire's
wealth increased by Rs 12,97,822 crores since March 2020. The increased
billionaire's wealth is sufficient to give Rs. 94 045 each to the 138 million
poorest Indian people. The increase in the wealth of the top 11 billionaires of
India during the pandemic could sustain the MGNREGS scheme or the health
ministry Programmes for ten years. According to Oxfam (2021), "It would
take an unskilled worker 10,000 years to earn what Mukesh Ambani earned in an
hour during the pandemic and three years to earn what he earned in a
second…."
Challenges
The real challenge in front of India is to increase the growth
and make it more inclusive or 'Sabka ka Sath, Sab ka Vikas.' India has been
enjoying the demographic dividend since 2018 and will last till 2055. India has
to utilize the demographic dividend for the country's economic development;
otherwise, it will be committing a Himalayan blunder, which will be
irreversible. The following table gives the picture of India's quality of human
capital. India lags emerging markets (E.M.s) peers and is at the bottom of the
G20 pile on quality of human capital.
Source:
Global Human Capital Report, 2017
However, the quality of education and health services are to be
improved significantly. The socio-economic evils, namely corruption, casteism,
exclusion of masses, lack of work culture, and lack of professionalism, have to
be eradicated. So are blind belief and ignorance! Implementation of the
policies and programmes is weak; the best and holistic policies framed for the
welfare of the masses have failed to take off due to corruption and red-tapism.
Way Forward
1.
Education: Investment of 6
percent of GDP every year on education, strengthening the education infrastructure
and imparting quality education, setting up more world- class institutions.
Indian Education Service: Selecting the best brains in the country through
competitive exams by implementing a new Indian Education Service on Indian
administrative services and giving rigorous training to teachers.
2.
Health: Strengthen the
health infrastructure by investing 4 percent of GDP every year. The main aim
must be to provide quality Health care to the masses at public hospitals.
Diploma in Medicine: A diploma in medicine for a year or two, after the 12th
standard, can be initiated to strengthen the health infrastructure in rural
areas. They can be primary health attendants at the village level. It can be
similar to the foot doctors in China in the 1950s. The villagers aware of local
ayurvedic medicines may also be roped in with formal training of a year.
3. Health Insurance: Provide universal
health insurance to all Indians
4. Increase Domestic Capital Formation:
Increase the domestic capital formation to 40 percent of the Gross Domestic
Product every year for a minimum of another ten years to catch up with China's
growth.
5. Remove Casteism: Casteism is posing a
major hurdle for economic development. Hence steps should be taken to eliminate
caste in a time-bound manner. First, ban the caste in the surnames and on all
official transactions. One Nation- One Caste of Humanity: A proper time frame
and effective removal of casteism must be implemented. To begin with,
classification should include only G.M., OBC, MBC, SC/STs and empower each
section on par with each other.
6. Encourage Honesty: Corruption is so
rampant that it is universalized in India. Punish the corrupt through special
courts promote honesty by creating awareness among the public. Corrupt should
never be selected to any public offices and should be shamed in society.
Honesty and integrity should be incentivized and universalized in India.
7. Increase the Tax base: Promote honesty
in the payment of taxes. The industrialists, business people, pharmaceutical
companies, and others who had made huge profits even during the covid-19
pandemic in 2020 should be encouraged to voluntarily come forward and sponsor
the country's health infrastructure and education infrastructure, otherwise impose
super-rich tax.
8. Higher Transparency: Bring higher
transparency in governance and avoid unproductive public expenditure so that
sufficient funds can be invested in providing quality health and education
9. Workers in the Un-organised: Sector:
Register all Unorganised workers, link them to JAM, and extend all social
security benefits.
10. Eliminate Poverty and economic inequality:
Eliminate Poverty and economic inequality within time-bound manner.
Universalize food security to all, remove malnutrition Make education, health
care, food, and employment as people's rights. Encourage philanthropists to
contribute to improving health and education infrastructure, research and
development
11. Empower youth: Empower youth with
up-to-date skills and knowledge in the area of their interest.
12. Practical Implementation: The problem
in India has always been implementation. Implement all programs and policies as
per the plan in a time-bound manner. Fix the responsibility and punish those
who derail the development process
13. Stakeholders join Hands: All Indians
should join hands to make India economically stronger. The corrupt, red-tapism
should be eliminated.
Lessons from China and South Korea China has 6.3 percent of the
total land area of the world but supports 17.9 percent of the world population;
India has 2.4 percent of the total land area of the world but supports 16.7
percent of the world population, and South Korea has 0.1 percent of the total
land area of the world and supports 0.66 percent of the total world population.
India can catch up with China if it can increase its labor force participation
rate more so women participation in the workforce. Increase the average level
of education, improve the quality of the labor force through special training
programmes, improve skills, reduce impediments to let foreign capital
participate in its development process, design policies to cultivate a culture
of entrepreneurship, and reduce corruption at all levels. India and South Korea
had few commonalities till 1990. the important is that both economies roughly
had the same GDP size in 1990 (about 300 billion dollars in GDP); both
countries historically suffered from extensive Poverty; both countries had
hostile neighbors; both suffered endemic corruption and rent-seeking behavior.
South Korea has surged ahead by solving much of its hurdles, whereas India is
still struggling to come out from a few of its problems. South Korea today is
considered a developed country. Samsung, Hyundai, POSCO, L.G., and Kia are
Korean companies with a significant Indian presence, but corporate India's
presence in South Korea is marginal. The lessons that India can learn from
China and South Korea economic development are increasing capital investment,
improving the infrastructure in all the sectors, investing heavily in quality
education and health, increasing exports, and removing corruption and good
governance.
India
can become World Economic Superpower!
Analyzing the major socio-economic indicators of the Indian
economy, one would find the path of the 75 years journey of the Indian economy
as gratifying as India has become an emerging economy of the world from a
backward economy. Though India's growth has become more steady, diversified,
and resilient, it can be sustained in the long run provided that it is
inclusive. Steps are to be taken to make the economic growth more inclusive. India can surge ahead to its potential and
celebrate the 100th year of
India's Independence as a World Economic Superpower if India invests 6 percent
of its GDP in imparting quality skill education, 4 percent of its GDP on
providing quality health; increase the domestic capital formation to 40
percent, create world-class infrastructure, create more employment
opportunities, eradicate Poverty and casteism, reduce inequality and corruption
within the time frame.
Author Details:
Chandan
Bandyopadhyay presently employed in a
State-owned PSU in West Bengal, India; is an author, researcher, motivator,
traveler and photographer and fascinated by the power of mind.
Declaration In order to
correct and improve the academic writing of our paper, we have used the
language model Ginger.
Transparency Statement Data
are available for study purposes upon reasonable request to the corresponding
author.
Acknowledgments I
would like to express my gratitude to all individuals helped us to study this.
Declaration of Interest The author reports no conflict of interest.
Funding The study had no sponsorship.
Ethical Considerations In
this study, ethical standards including obtaining informed consent, ensuring
privacy and confidentiality were observed.
P.S.: If interested, for a detailed version and references,
please contact E-mail:
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