INDIA'S ECONOMY: NEXT THIRTY YEARS


          Compared to many developed countries of the world, one positive aspect in favor of India is its 

relatively young population (More than 65% of its people are below the age of 35). This is India's 

demographic dividend. We better take advantage of it over next 30 years, in order to uplift 

the poor out of poverty.

          

          There are some cultural handicaps in India's path. Majority of Indians spend a significant amount 

of time, on a daily basis, after religious rituals and worship. They also frequently attend gatherings of 

religious festival and discourse. Hindu (religion of the large majority of India) philosophy places 

emphasis on predetermined destiny. Many Indians believe in the law of karma: 'One reaps the fruits of 

one's past deeds, good and bad.' This has led to embedding of a fatalist attitude about life in Indian 

psyche. Consequently, those who are poor (a big plurality) accept their hardships and suffering

as their inevitable fate. There is minimum impulse to revolt against unjust socioeconomic 

conditions. It is said that in India things move at an elephantine speed versus at tiger speed in China.

In addition, due to its diversity with respect to language and religion, India periodically experiences 

linguistic and religious conflicts. Also, because of its democratic system of government, legal reforms occur

at a slower pace in India.


          To overcome all these counter-forces, India is in need of political leaders who take 

advice of experts in policy formulation and inspire Indian citizens to work hard with a

singular focus upon overall economic development. Increased spending on primary health 

and improving quality of education are essential.


          Above all, inculcating scientific temperament in Indian citizenry is of    

                                       paramount importance.






Comments

Popular posts from this blog