The Dynamics of Indian Economy
Content
The dynamics and scope of change in Indian Economy
Dr Sandeep Kulshrestha
Indian economy, although having signs of growth, is plagued by the political undertones and series of disruptions owing to a political despondency. Ironically so, when the country is been run by an economist and having great economists in the Finance Minister and the Vice Chairman of the Planning commission. What really troubles us as a nation is erosion of public trust in a corrupt polity which seemingly is a reflection of what we are. ren!t the elected representatives a part of our society" Coming bac# to the Indian economy, the dilemma of the rich transgressing the resources with their might and the poor with conspicuous state of underdevelopment is more overpowering then the so called $superpower% status which some of the thin#ers claim our nation to be. &owever, we still lac# a direction, a $political will% to empower the character of the nation. When we spea# of economic development, invariably we relate it with building of infrastructure li#e highways, bridges, dams etc and not with any of the innovative poverty reduction schemes which usually end up being low priority for any government. 'o doubt our country needs an e(cellent infrastructure but we usually focus more on these aspects of the economy rather than visioning the country on balanced economic lines. )et us now see what our invincible strengths are. *ome people argue about the population being a virtue and a great resource but I do not fully agree to this misnomer. +verpopulation is a hurdle in balanced economic development as it eats away a lot of resources and also threatens the life itself. When an area is overtly densely populated, it might as well disturb the environment and subse,uently result in catastrophic tragedies -the recent case of .ttra#hand is an e(ample/. 0es, when we utili1e the population properly by provide them the necessary life and technical s#ills, provide financial empowerment and enhance their capability to face the world, we can still do something about it. Coming bac# to our strengths, one is the people who can be utili1ed, second is that we have traditional handicraft s#ills, which many economists and business pundits do not really rave about. If we divide the states into clusters of handicraft hubs, with 2overnment providing some seed capital and the private sector also infusing money and technology along with mar#et access, it would prove to be a first step in balanced development. *uch clusters should be identified through proper research and study, with the involvement of both the
2overnment and private sector organisations. We may have a fantastic result and we shall see economic growth along with rural innovation. Without an inclusive agenda, of involving the rural India, there cannot be a tal# on sustainable development of the society. &ence, cluster wise development is the #ey and it should involve finding the local e(pertise, training the local youth, investing in the capital and also assisting the people in gaining mar#ets. 3his sounds easy as a concept, but difficult to implement in its totality but our country has e(perts and they have the capability of ta#ing this forward and intellectual capital is most surely our strength
Dr Sandeep Kulshrestha
Indian economy, although having signs of growth, is plagued by the political undertones and series of disruptions owing to a political despondency. Ironically so, when the country is been run by an economist and having great economists in the Finance Minister and the Vice Chairman of the Planning commission. What really troubles us as a nation is erosion of public trust in a corrupt polity which seemingly is a reflection of what we are. ren!t the elected representatives a part of our society" Coming bac# to the Indian economy, the dilemma of the rich transgressing the resources with their might and the poor with conspicuous state of underdevelopment is more overpowering then the so called $superpower% status which some of the thin#ers claim our nation to be. &owever, we still lac# a direction, a $political will% to empower the character of the nation. When we spea# of economic development, invariably we relate it with building of infrastructure li#e highways, bridges, dams etc and not with any of the innovative poverty reduction schemes which usually end up being low priority for any government. 'o doubt our country needs an e(cellent infrastructure but we usually focus more on these aspects of the economy rather than visioning the country on balanced economic lines. )et us now see what our invincible strengths are. *ome people argue about the population being a virtue and a great resource but I do not fully agree to this misnomer. +verpopulation is a hurdle in balanced economic development as it eats away a lot of resources and also threatens the life itself. When an area is overtly densely populated, it might as well disturb the environment and subse,uently result in catastrophic tragedies -the recent case of .ttra#hand is an e(ample/. 0es, when we utili1e the population properly by provide them the necessary life and technical s#ills, provide financial empowerment and enhance their capability to face the world, we can still do something about it. Coming bac# to our strengths, one is the people who can be utili1ed, second is that we have traditional handicraft s#ills, which many economists and business pundits do not really rave about. If we divide the states into clusters of handicraft hubs, with 2overnment providing some seed capital and the private sector also infusing money and technology along with mar#et access, it would prove to be a first step in balanced development. *uch clusters should be identified through proper research and study, with the involvement of both the
2overnment and private sector organisations. We may have a fantastic result and we shall see economic growth along with rural innovation. Without an inclusive agenda, of involving the rural India, there cannot be a tal# on sustainable development of the society. &ence, cluster wise development is the #ey and it should involve finding the local e(pertise, training the local youth, investing in the capital and also assisting the people in gaining mar#ets. 3his sounds easy as a concept, but difficult to implement in its totality but our country has e(perts and they have the capability of ta#ing this forward and intellectual capital is most surely our strength
