India's is now a developing mixed economy. Around the globe, we pose before the other economies as a developed nation while glancing over actual ground reality we find that the scenario is just the reverse. Our country has achieved Independence exactly 72 years ago.
It is around couple of days left from now onthat the entire Indians will be celebrating their 73rd Independence Day. That is why there has been euphoria created by the present political conflagrations that we are a developed nation. But how do weaspire that we are developed as compared to other nations around the globe? Yes it might be true to some extent that development of our economy has taken place but has it been reflected in its macro aspect?
In order to probe deep into our thoughts we find that richer along with upper middle class sections of our societies are developed whereas situations of lower level citizens, in comparison, are pathetic. As per the data available within us we find that Indian economy is a mixed developing economy.
We boast that we are the sixth largest economy of the world as per nominal GDP and third largest purchasing capacity oriented economy. As per the statistics available in the year 2018 we find that India ranks 139th in per capita GDP(which is very nominal) and 119th in per capita GDP. It is in the midst of post liberalization economy of the year 1991 India achieved annually 6-7% GDP growth annually.
It is since the ascendancy of power by ultra rightist force of India it is since the year 2014 we evince deeply that India's economy growing pretty fast through which we are able to surpass our closest competitor of Asia, Peoples Republic of China. Indian growth prospect is taking place due to mushrooming upcoming English speaking population of the country based in her different parts. Thus in the subsequent paragraph it is my humble task to analyze in details about how to develop our economy of India in the coming days.
Indian economy is poised for a new dimension from its macro perspectives. It signifies that only selected sections of Indian populace are deriving the benefits of economic, scientific, technological and aesthetic advancement. What is really shocking is that richer and upper middle classes sections of our country are badly eating up the fruits of development. Our politicians talk about the development of our economy but in reality we notice with utter sorrow that poverty and destitute are badly occupying our societal setup.
As our country has completed 73rd year of our independence but in reality we notice that there quite good sections of our populace existing which are still carrying on the lives in utter doldrums. If statistics are highlighted to my elite online readers of India and Bangladesh then true picture will be highlighted in front of the readers in both nations. So some of the common details are given below to throw light about present state of economic situations:
* India despite achieving rapid economic growth of GDP is still in the midst of acute poverty.
* Pathetic economic backwardness is noticeable in rural belt despite mushrooming of small scale industries.
* Population explosion in rural belt is in endemic proportions.
* Literacy rates to improve by leaps and bounds.
* Corruption should be wiped out forever from the threshold of our societies.
* All the relevant economic bodies in different parts of India should be converted into an apolitical one.
* Haphazard economic decisions should not be taken up by any disposition rather one has to have common agendas with proper and thorough discussions within the party, different experts and also with various opposition parties.
* Academic awareness among literate sections of Indian populace also paves the way for economic development.
Apart from the above service sectors in India also needs drastic improvement which despite being little development still more is required in the coming days.
For example, banking industry, insurance industry, informational technology services etc should be further upgraded. Though there are some sections of Indian populace speaks highly about the growth of our economy but in reality we evince with sorrow that richer and upper middle classes of India are dominating the show but lower middle classes along with poor and downtrodden are badly affected due to economic discriminations.
This is no way acceptable by the rational and analytical minded sections of our societies rather we should aim for macro economic development of India. Same scenarios are noticeable in some parts of Bangladesh but interesting part is that efforts are being initiated to stem out that country from utter disarray.
Improving trend has no doubt being noticeable all over India. There has being GDP growth of around 8% but the fruits of growth has been enjoyed by richer sections of Indian populace. But sorrowfully speaking that there has been quite vast sections of Indian populace who are deprived of receiving the basic services of Indian economy thereby poverty has become rampant.
Literacy rates are yet to excel especially if any of us visit the rural belts of India then the actual picture will be earthed out. Agricultural development is not taking place as per desired expectations. It is estimated to be around 58% of Indian populace who are dependent exclusively upon agriculture but due to vagaries of nature progress has no taken place as per desired expectations. During the end of financial year 2018-2019 agricultural products are estimated to be around 285 million tons.
Indian economy is always termed as developing economy but while going into actual reality we find that some of the common features like low per capita income, higher population pressures, massive illiteracy, poor infrastructural services, and paucity of rendering basic amenities badly retard the growth as per citizen's desired expectations.
Thus in the bottom salient features of Indian economy are stated as follow:
1) Low per capita income.
2) Agriculture based economy
3) Massive population pressures.
4) Disparities in basic incomes of average Indians.
5) Capital formations are not adequate as per the demands of average Indians.
6) Too much usability of obsolete technology.
7) Backwardness of Indian societies.
India's populations as well as political pressures are also responsible for backwardness of our economic progress and prosperity. We find that like academic bodies also in various economic bodies of India we find that there has been too much of economic interventions by diverse political powers.
This is also not at all called as apart from India entire world is progressing. Even our closer and friendly neighbor Peoples Republic of Bangladesh has started progressing.
Thus in order to speed up economic progress Indian political and muscle powers should be abolished at the onset. Otherwise our progress will be minimized in the coming days which might bring tears among macro populations of India. Our opportunities are available in plenty but that should be properly utilized.
The writer is a freelance contributor based in Kolkata
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