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Modi 2.0 – Spinning the growth wheel of Indian Economy

It is high time to shift gears up and target for unprecedented growth in Modi 2.0. With the aspirations of 1.3 billion on its shoulder, the government is poised to deliver on the fundamental aspects of building a high growth economic progress for the nation. We have set an optimistic target of achieving five trillion economy by the next five years. The framework to attain the primordial objective been well rolled out in the recent budget.  The focus has been given to the distressed primary and secondary sectors which employee huge proportions of the workforce yet contribute much less than their potential when compared to the services sector. The government policies must be taken with a spirit of long term steps of building a robust economy but at the same time, we must ensure the substantive, comprehensive and inclusive aspects of our development.

Income is the most common indicator to gauge the development but it never gives the whole picture. High per capita income is always an incomplete parameter to delineate the developmental interface of any state. There are other aspects to it. Standard of living, environmental sustainability, income inequality, and underemployment are some haunting facets of skewed economic growth. We must remember that quality of life also depends upon non-material things. Moreover, the development of one may not be progress for all, rather at times can be devastating for others. For instance, the building of dams and other large-scale infrastructure projects are well desirable for the industries but always hitch for tribal and locals.

What should India do for development in 2019?

Here is a list of some rudimentary steps yet all carrying magnum of imperative significance in imparting an impetus to our aspirations of building a modern robust economy.

Investment in building human capital, i.e. the education and health of our citizens must be given top priority in government policies. The government must provide secured job opportunities for competent individuals. Indian unorganized sectors must be taken cares with protective care. There is a pressing need to stimulate the availability of cheaper credit for the under-privileged segments of society. The huge risk factors often leading them to the debt trap must be minimized by promoting micro finances. We must promote the concepts of SHG (Self-help groups) and co-operatives to attain self-reliance.

State and regional governments need to focus on setting up industrial units based upon traditional skillsets and considering geographical benefits. The key idea is to target the competitive advantage and build profitable businesses out of them for the local workforce.

The slowdown in investments from both foreign players and domestic retail investors have been the pain point of the Indian economy. The spill-over the effect is that the secondary (manufacturing) sector has got a huge hit due to this. In such a scenario, the government needs to open smoother channels for investments from the general public. We must introspect upon our hindering parameters of ease of doing business and take progressive measures of improvement.

Last but not least, our government must promote meritocracy and dignity of shared value among all Indians to narrow the differences. We must celebrate our diversity and work harmoniously for holistic well-being.  

 About the author:

Hi, I am Aman Kumar Kashyap. I am a final year MBA participant at IIM Indore. I possess a keen interest in Indian history, politics and field hockey.  

 

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