In spite of a difficult global economic environment, the country’s growth has been steadfast, according to the World Bank’s Spring 2023 India Development Update Report. The financial sector in India is still strong, with improved credit growth and better balance sheets. By 2047, India must grow at a minimum of 8% annually to qualify as a High Income Country.
India has many things right when it comes to investments in infrastructure, digital public infrastructure, financial regulation and stability, and a significant pro-poor public welfare thrust with improved governance to reduce leakages, as evidenced by the fact that it is one of the world’s fastest-growing large economies. While we must keep doing what we are doing well, we also must focus on the following five crucial areas to achieve 8% growth:
1. Greater access to acceptable employment possibilities, particularly for women and young people.
2 Place emphasis on closing human capital gaps and securing adequate finance for businesses after skill acquisition.
3 Decentralized governances for quality outcomes in public goods sectors like education, health, nutrition, clean air, strong urban and rural infrastructure, and efficient conflict resolution.
4. Improve ease of doing business in actual practice to inspire confidence in the private sector to make investments on a much larger scale.
5. Evaluation of public subsidies in fertilizer, food, and the minimum support price system. Assess performance-linked incentives for manufacturing, among other things. Growth must be
driven by private sector investment.
It is time to review the situation surrounding wage rates. The removal of the poor’s asset deficits—such as lack of access to electricity, safe roads, bank accounts, housing, toilets, clean water, women’s collectives, credit, cooking gas, food security, etc.—has undoubtedly improved
the ability of disadvantaged households to access skills, a variety of livelihoods, education, and other necessities.
Pro-poor public welfare has accelerated the decline of multifaceted poverty. Between 2005–2006 and 2019–21, 415 million people in India were lifted out of multidimensional poverty. This lessened the burden on India’s persistently impoverished. However, a prosperous India requires a workforce that is better educated and skilled.
Our usage of technology presents a chance for blended learning in classrooms and for more convenient access to healthcare services. In rural India, women’s collectives have the social capital necessary for women-led development that is sustainable. By removing all barriers to credit and supporting small businesses, the 8% growth path can lead to prosperity. The way to that objective is development led by women. The path to higher-order growth and well-being is for young people to have the chance to advance along the skill ladder. It is feasible to increase growth from 6% to 8%. We must not miss the opportunity of a developed India by 2047.