Portal de Periódicos da CAPES

The growth story of Indian Economy: A planned one or a Fluke

2017; Volume: 6; Issue: 1 Linguagem: Inglês

2278-4853

K.S. Rajini,

Indian Economic and Social Development

India is a very unique nation. When the world is witnessing its worst growth, India not being a developed nation is outpacing others in terms of consistent growth. The government is attributing this growth to its policies. However, in reality the policy makers are only reaping the benefits of the natural phenomenon called Demographic dividend. India has the largest youth population and this is giving India an edge over all other nations. This cannot go on forever unless concrete steps are taken in the right direction. The creation of jobs is the biggest challenge to sustain this momentum. It may lead to a demographic disaster if concrete steps are not taken immediately. The government has to leapfrog not only its employment policies but also in the process speed up the development and creation of new cities. Urbanization being the global pattern, India cannotsit on the infamous choked cities. There is the most urgent need to create the biggest infrastructure by developing roads, railways, ports, domestic aviation and so on. Infra push can create and sustain millions of jobs and opportunities. The IT industry and the construction industry which accounts for the lion's share of the service sector is the game changer. And who is the backbone of this sector? It is the educated youth population in the IT & ITES, Banking, Insurance, and Retail, which has constituted for the sector's phenomenal growth. The uneducated youths found jobs in the growing construction industry. The government failed to develop agriculture and industry both of which are so paramount for any economy to grow. Propelled by the urban growth, the youth population did not waste their time and talent in the dead sectors and jumped into the available wagon of development and found solace in it. The results are clearly visible and shocking at the same time. However the government is taking credit for this growth (Sharma, 2016). The nation needs country specified thinking. We do not need to develop or grow like China or Singapore. It is just not possible to do so. The sophistication of Singapore cannot be matched northe speed and size of china. Their work culture is impossible for India. It is better to concentrate with our local problems and solve the same.