India is completing 76 years as an independent country today. On this occasion, if we want to take stock of the achievements of the country so far and the possibilities of the future, then a good way can be to look at ourselves through the eyes of others.
That is, how other countries of the world and international institutions see us, What do they expect from us in the next few years?
Remarkably, there is almost unanimity in international circles today that India remains a bright spot in the faltering global economy. India’s growth engine is the basis of hope for the whole world today.
This is not a temporary scenario due to the immediate situation arising out of Corona and then the Ukraine war.
Experts believe that for the next several years, the vehicle of the Indian economy can move forward very fast.
Talking about the last ten years, India has already become the fifth economy from the 11th economy. Its speed will be faster in the future.
A recent report by Standard Chartered Bank suggests that India’s nominal GDP growth will be 10 per cent annually till 2030.
With this, India’s per capita annual income will be $ 4000 by the financial year 2030. In other words, India will come under the category of middle income country.
Several other analyzes also corroborate this assessment. For example, it is also being said that by the end of this decade i.e. by the year 2030, India’s economy will reach number three in the world. That means then only America and China will be ahead of India.
Policies like Digital India, Jan Dhan account and Aadhaar have been behind such a positive picture of the country. But this does not mean that it would be wrong to assume that there are no challenges in our way.
It is not easy to reach the pleasant target which is visible for the next few years. The biggest thing is that the participation of working people in the labor force is continuously decreasing.
According to a World Bank report, the LFPR (Labour Force Participation Rate) which was 60 per cent in the year 2000 has come down to around 53 per cent.
The question of the skill of the labor force is also important. Working adults in the country have an average of 6.7 years of schooling.
Obviously, a lot of work needs to be done on both the education and employment fronts. But the most important thing is the atmosphere inside the country.
The situation in Manipur not only raises uncomfortable questions, the increasing cases of hate speech in the country and the sharp polarization seen in the society can dampen all these hopes.
It has to be remembered that capital comes only where there is peace and due to this investment, the country moves ahead on the path of rapid progress.
