The Indian economy is largely dependent on cash. Only 5 per cent of the country's personal consumption expenditure is done electronically. A sharp acceleration of economic growth is not possible with such kind of dependence on cash. Overdependence on cash is a major hurdle and a radical thinking and coordinated efforts are needed to take electronic payments system to the masses.
When Prime Minister Narendra Modi asked, in January this year, the question, "India is a $2 trillion economy today. Can we not dream of an India with a $20 trillion economy?", he was echoing a powerful, nuanced and intensely compelling set of questions. Some among them-ranging from ease-of-doing business, innovation, digital economy, manufacturing, entrepreneurship to skilled workforce-are all too familiar.
Since independence, all governments of India have been committed to gradual rather than revolutionary means for spreading democratic and socialist principles (as attested notably by the Preamble to the Constitution of India). Independent India averted the revolutions (and most debates), which shaped the role of the state in the western world for some 500 years.
The British colonial administration brought in progressive developmental forces by bringing in education (Kindergarten to University) and railway networks for commercial exploitation of agricultural, forest and mineral resources and various social activists rose to the occasion with giants such as Raja Ram Mohan Roy, Ranade, Gokhale, Phule, Dadabhai Naoroji, Pantulu, Sayyad Ahmed, Narayana Guru, Sane Guruji, Vidyasagar, Swami Vivekananda, etc.
Mumbai, 11th June 2015: Focus on innovations, inventions and fresh thinking in the areas like education, health, food and housing can help India become $20 trillion economy from the current around $2 trillion, Union Minister for Women and Child Development Maneka Gandhi said at the 40th Skoch Summit here Thursday.
Poverty remains one of the most pressing challenges facing the country today. But why are the people poor? Why are able-bodied working age group people poor? Old people, disabled people, that's different.
Under the Millennium Development Goals (MDGs), India along with other developing countries, has committed to eradicate extreme poverty. The deadline to achieve the goal is 31st December 2015. However, according to a recent United Nations report, nearly 300 million people still live in extreme poverty in India and face deprivation in terms of access to basic services, including education, health, water and sanitation.
As we embarked on a period of planning after independence, import substitution constituted a major component of India's trade and industrial policies. Planners, more or less, chose to ignore the option of foreign trade as a stimulant of economic growth. This was primarily due to the highly pessimistic view taken on the potential of export earnings.