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The demons of Indian economy- Poverty and Unemployment

In the fifth five-year plan (1974-78), Indira Gandhi gave the slogan of ‘Garibi Hatao’ (remove poverty) to the country but we haven’t been able to...


Indian economy- Poverty and Unemployment – India, the fastest growing economy till March quarter was surpassed by China in the last quarter. However, a recent report by leading news agency says that India will soon reclaim its top spot this year itself, but the pertinent question pertains.

Can the crown of fastest growing economy become the panacea for all ails of our economy?

It is important to note that trickle-down theory of economics, which suggests all members of society benefit from the growth, is not applicable, at least in our country. We have two income extremes. India cannot claim to be a welfare state so long as this problem remains unsolved. The population is increasing by leaps and bounds. But jobs and gainful avenues cannot be created in the same proportion.

Zee News

India, the fastest growing economy till March quarter was surpassed by China in the last quarter. However, a recent report by leading news agency says that India will soon reclaim its top spot this year itself, but the pertinent question pertains.

Can the crown of fastest growing economy become the panacea for all ails of our economy?

It is important to note that trickle-down theory of economics, which suggests all members of society benefit from the growth, is not applicable, at least in our country. We have two income extremes. India cannot claim to be a welfare state so long as this problem remains unsolved. The population is increasing by leaps and bounds. But jobs and gainful avenues cannot be created in the same proportion.

In the fifth five year plan (1974-78), Indira Gandhi gave the slogan of ‘Garibi Hatao’ (remove poverty) to the country but we haven’t been able to defeat the demon of poverty yet. Unemployment (or underemployment) is another demon that has been crippling our nation’s economy. In fact, both these hitches are complimentary to each other. So, defeating one of them would mean the defeat of the other as well.


Poverty in India is measured by a poverty line that is probably one of the most disputed and incessantly attacked measuring units of the world. It is simply what some call a “starvation line”, a line that accounts for the feeling of satisfaction: measured in calories. It’s more convenient for politicians to announce massive reductions in poverty by simply not including tribal and other minority groups that are marginalized in the society in a census. It is easier to pretend they do not exist at all. Considering the size of India, poverty differs greatly from one state to another, so poverty lines should be seen with respect to each state as well as it should be updated regularly.

In order to reduce unemployment, people should be encouraged to go for skill based education. The government should promote the establishment of industries by the private sector. In India, small enterprises and medium scale enterprises are the real job providers, hence, tax on them should be truncated and they must be given official clearances within appropriate time frame.

India’s growth and development is surely going forward but this growth process should become socially, economically and regionally more inclusive.

 

#Economy  #Indian Economy 

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