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.
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