India Raising

In the past few years, the Indian economy has witnessed the rapid transformation. A different perspective of India has emerged as 'New India' with certain new features, perspective and a new outlook.

For a very long time, India was believed to be a third world developing country. With consistent changes driving economy and growth, India has changed its status from third world country to 'emerging economy'. In recent years, India has shown a great potential for accelerating growth that offers good investment opportunities. India is the second largest potential market in the world after China. Its huge population is seen as a source of demand and not as a liability.

Secondly, India is also getting recognised as a 'potential economy' and it is significant as it questions the supremacy of the first world countries. India has a larger say in global matters, sharing at global platforms and global recognition of 'New India'.

In terms of education and knowledge, India has a great history. From ancient India to modern India, the country has made huge contributions in the knowledge sector. India is rising as a 'knowledge economy'. It already has millions of knowledge hubs and it is developing strategies for global knowledge to reside in India with the National Knowledge Commission, which is known for transforming India into a knowledge society.

India is also projected as a 'young economy' with predictions suggesting a steady increase in the youth population to 464 million by 2021. By 2020, India is set to become the world’s youngest country with 64 per cent of its population in the working age group. A feature that makes India unique and the only country in the world. This situation is in contrast with the global phenomenon of the ageing workforce and increased life expectancy.  India can secure the benefits of promising demographic dividends through intensive and extensive education and stress on skill development.

India is being mentioned as 'market economy', where economic decisions of pricing and production are mainly through market forces of demand and supply, with less government influence. Currently, food grain pricing, retail petroleum goods such as LPG,  Kerosine, and diesel, fertilisers and utilities are regulated by the government and the prices of remaining products are market determined. Prices determined through market are said to be efficient.

Along with aforementioned features, there are other aspects of India too. India still needs harnessing through education and skill development to be covered as opportunities, else, India can be taken from the position of strength and these advantages can be taken over by other emerging economies. In our zeal and enthusiasm, we should remember real India stresses that can be a hurdle.

A Large population of India is living in villages and they need many basic amenities such as healthcare and sanitation. India still has the population below poverty line, under abject poverty, living under pitiable conditions and undernourished.  Our agriculture sector as compared to developed countries is still traditional, subsistence and stagnating. India is facing large-scale unemployment and still have large workforce working under informal sectors. Its sectoral composition of GDP has altered towards service sector but It still continues to be reliant on the agriculture sector. Recent growth and reforms and their benefits have not touched people inclusively. New India must have inclusive growth.

The biggest challenge for the government and people is to integrate 'real India' with 'new India'.

Jai hind!