From Earth to Moon, India is exploring all the length and breadth of this galaxy. The future of India in the panoramic view seems all bright, but still, if we check each sector, we can find that we are running behind.
The Republic of India is considered to be one of the emerging superpowers of the world. It is the world’s largest democracy and the world’s second-most populous nation, with nearly 1.37 billion people spread across the whole country.
India is the seventh-largest economy in the world (2018) by nominal GDP and third-largest by purchasing power parity (PPP). Earlier this year, India lost the fastest growing economy tag, falling behind China. The country is growing at its crawling pace in comparison to the last five years at 5.8% during the January-March quarter in the financial year 2018-19. Growth during 2018-19 declined to 6.8% from 7.2% a year ago.
Currency fluctuations and a slowdown in GDP growth were the fundamental reasons behind the decline in global GDP rankings.
As per a Boston Consulting Group report, India is expected to be the third-largest consumer economy by 2025 (report, 2017), owing to the change in its consumer and expenditure pattern. It is also estimated to surpass USA in becoming the second-largest economy in terms of PPP by the year 2040 (report, 2017), according to a report by PricewaterhouseCoopers.
Even though the economic future of India seems to be cruising along, specific factors might pose a threat to its development. The middle and urban class Indians have been spending money foolishly.
“The economic reforms undertaken have unshackled the Indian economy, unleashed its potential and made us a global leader in growth. India is the fastest-growing major economy in the world and is becoming a nation where it is easier to do business,” ex-finance minister, late Arun Jaitley had said.
Given the potential pitfalls, India needs reforms in jobs, labour, land and agriculture, trade, and privatisation to take the economy to the next level.
India’s Social Aspect
Besides economic factors, India also needs to take care of its environment. Air quality in Indian cities has significantly deteriorated over the past few years due to high levels of smoke emissions from traffic, heavy industry and agricultural waste burning. This worsening air pollution is affecting people’s health as seen by increasing cases of asthma, stroke, lung diseases and more.
Despite several national policies and initiatives taken by the government, the degrading conditions of the quality of the environment have not improved.
India offers astounding variety virtually in every aspect of social life. Diversity of ethnic, linguistic, regional, economic, religious, class, and caste groups crosscut Indian society, which is also filled with immense urban-rural differences, gender distinctions and religious quarrels.
In previous years, the government has tried to remove gender differences by bringing various acts for gender equality and has blurred the line between urban-rural, a little, by giving everyone equal opportunities and reservations.
While the religions might have been practising religious tolerance in their histories, the partition and subsequent terrorism have created discomfort among some. This might continue to pose a problem if preventive actions are not taken.
They say that election campaigns run on promises, but the governance is judged based on the performance. India is a classic example of this. We have thrown out non-performing political parties and gave power to new ones in the hope for change. Being one among the dominant countries, yet we lack somewhere and are still stuck in the chart of “developing countries.” Its high time we “Think and Act”, rather than “Wait and Perish.”