Given that Indian economy is fast becoming digital and from opening a bank account, to making financial transactions every facility, an Aadhaar Authentication is required. Even the Supreme Court has been working on making Aadhaar mandatory. Imagine my shock when I was told that Aadhaar can be hacked as it has very poor security. My eyes popped out when I saw the video as given below.
It's really a pity and a challenge to the system particularly those who are in power, that even after 67 years of Independence, we have a lot of people living below poverty line. We have issues like rural-urban divide and serious economic disparities. Then we hear of farmers' suicides and sometimes of hunger deaths here and there. And then we get criticisms about the system not being sensitive to the vulnerable sections.
Welfare measures are not freebie. Hence, the policy culture must keep an effective balance between passion and compassion, to make the impact of underlying much more robust than in the sloganeering confine of 'greater common goods'.
To my mind, there cannot be any controversy or debate as to how to achieve inclusive growth. I think the experience of all developed and developing countries as well as India shows that in order to achieve inclusive growth we need to do five things.
The true challenge for India is to really to grow at 9-10 per cent per annum year after year for two decades of more to lift a vast section of population out of poverty. India has grown at those rates but grown relatively for a short period. Therefore, to have a sustained high growth for three decades, is a challenge. And these challenges will happen at a point when 700 million people in the 3-4 decades will move from rural to urban areas.
While six months is too short a period to judge the performance of a new government, Narendra Modi has rolled up his sleeves for a slew of reforms-some have been announced and implemented, some are getting framed and some caught up in administrative, political and legislative tangles.
Narendra Modi government has replaced 65-year old Planning Commission (Yojana Aayog) with a new institution named NITI Aayog. NITI stands for National Institution for Transforming India. To bring in a lasting transformation, radical change in the process of planning and implementation of developmental work is required. Plans should be formulated at local bodies and village level on felt-need based approach.
According to the latest survey report of the National Sample Survey Organisation (NSSO), around a third of rural households and one-fourth of urban ones in India are indebted. Strikingly, the indebtedness spiked between 2002 and 2012 - where the average amount as loan for each family jumped seven times in cities and over four times in rural areas.