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Indian Economy : Development Experiences In India & Current Challenges

350.00 280.00

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Rajan Raju Kalidindi

978-93-5641-088-6

214

6.38x9.02

Paperback

Nitya Publications, Bhopal

First

-20%

Indian Economy : Development Experiences In India & Current Challenges

350.00 280.00

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This chapter explores the growth and structural changes that have occurred in the Indian economy after independence, paying particular attention to the major forces and turning points that prompted changes in economic policy and the effects of those changes on growth and distribution. The following section examines three key conundrums in Indian economic development: 1) Why has India’s performance on this front, particularly with relation to human capital indices, been underwhelming despite a consistent policy and intellectual preoccupation with poverty? 2) With its numerous microeconomic inefficiencies, why has India managed to implement pretty solid macroeconomic policies? and 3) How can India’s current far faster rates of growth—second only to China among global economies—be explained by its modest early decades of post-independence development under strong governance Every citizen of the country has a right to a happy life. The basic needs of every individual, such as those for food, housing, healthcare, and education, must be met. Unfortunately, a sizeable section of the population in India cannot afford all of these because it is a developing country. The lack of employment opportunities in our market for those with low incomes to find work and make a livelihood only makes the problem worse. Hence, reducing poverty and unemployment is a serious economic issue. Comparable improvements in living quality are brought about by having access to first-rate medical and educational services. Due to India’s high population density, it is challenging for the government to provide healthcare and education to all of its citizens. The rise in market pricing for commodities, or inflation, is a major worry for the government. The poor and middle class are severely impacted by price hikes. Hence, controlling the price level is a crucial issue that must be dealt with whenever it occurs. Finally, as the population grows, so must their wants in order for the nation’s income to rise and its growth to proceed. Hence, calculating yearly economic growth is a crucial duty for the economy. The Indian economy has collected growth knowledge over a period of little over six decades. India has undergone some significant changes, which suggests that the economy’s foundations are sound. First off, India’s present savings and investment rates have reached heights that, even five years ago, would have been considered unattainable. India has fully integrated with the world’s fast-growing economies in this crucial area. These metrics speak highly of India’s medium-term development prospects as they are among the strongest growth correlations and do not change greatly. Also to be considered is the likelihood of a further increase in the savings rate as India’s demographic dividend starts to pay off and the population of those who are working grows disproportionately over the next two decades. Second, the entry of Indian businesses into the international market and unofficial signs of the sophisticated corporate cultures that many of these businesses display also contribute to the hopeful outlook for the economy in the medium- to long-term.

 

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