- The opposition political parties may not agree with what the Prime Minister has been quite gung-ho about over the last few years on the subject matter. At every event of significance and overseas tour, PM Narendra Modi is extremely vocal about the Indian economy taking off spectacularly, beating all negative projections. Note that India is already the fifth-largest economy in the world, and if it sustains the growth trajectory envisaged in the next few years, there is no reason why we cannot be counted among the largest three in the world. Of course, these projections make us feel elated, excited, and brimming with pride at the same time. It’s a surreal feeling that must fructify with concerted efforts on a perpetual basis from now on.
PC: TOI
- The moot point to ponder over here is whether the developmental parameters are aligned with a blueprint that takes us to the intended position vis-à-vis economic growth. Let’s delve into it. The PM’s Independence Day speech reiterated yet again his earlier pitch that India can become a developed nation by 2047. He pointed out that India is uniquely placed to get there, propelled by the world’s largest population below 30, the growing number of educated women, and its position as the voice of the Global South at a time when a new world order is emerging after the outbreak of the pandemic. Needless to mention, realizing the opportunities presented by this confluence of positives will require a coherent approach to transform the economy.
- Indeed, the World Bank currently classifies India as a lower middle-income country based on per capita gross national income. This measure is inadequate. As reported, an offshore financial center like Bermuda tops the World Bank list and is six places ahead of the US, the world’s most influential nation. Thus, a better measure is the expansion of all-around capabilities that offer everyone economic opportunities and improve the quality of life. India’s large sub-30 population can uncage the economy only if they have opportunities in more productive sectors. To make it happen, reforms need to directly address India’s glaring underemployment problem, which allows youth to transition from farms to industry at a slow pace.
PC: AAUW
- Hearteningly, more girls than boys take up education in STEM today. It’s a significant marker of social progress as well as economic potential. Worryingly, women’s labor force participation rate was 24% in 2022, compared to the global average of 47%. To allow women to use their training, improving the rule of law is essential. Mind you, inadequate public safety coupled with poor transport facilities deny women economic opportunities, leading to a sub-par economic performance. Modi must champion a new set of internal reforms aimed at unshackling the productive potential of all sections of the economy. Yes, these reforms will have to be underpinned by better-quality human capital. Challenging but can be done by 2047.
