- Associate Professor, Department of Management, Padmashree Institute of Management and Science, Bangalore, Karnataka, India
We will celebrate next year the 75th anniversary of Independence in August 2022, and the 75th anniversary of being a Republic and Sovereign country in four years hence. We are about to overtake China as the most populous country. With GDP of size of less than Rs 900 crore at the time of independence now are about to cross $ 3 trillion. India’s road ahead, however, was rocky and uncharted, and the challenges enormous. Close to half its 376 million people were mired in grinding poverty, malnutrition and illiteracy. Though majority of our population is dependent on agriculture its contribution to GDP is less. Agriculture’s contribution to our India’s Gross Domestic Production has decreased from nearly 54 per cent at the time of India’s independence to nearly 17 per cent as of now, but it still accounts for employment of nearly 60 per cent of India’s population. India’s share of world income was just 3.8 per cent in 1950s, and foreign trade was almost non-existent, the reforms initiated by the Government took slow growth till 1990s. Economic liberalisation in 1991 paved the way for faster economic growth with employment and investment by MNCs in core sector. The core sectors like Steel and Mines, Automobiles and Electricity generation etc. are seeing growth with
increasing demand. Highways and houses are now being constructed at faster rate aided by number of schemes announced by the governments from time to time. We can see about 59 lakh kilometres of roads network and highways, which is the second largest network in the world. Over 90 million toilets built by 2019 have aided in preserving our ecology, in reducing pollution. A UNDP report of 2019 gives the very good correlation between economic development and well-beingness. The improvements in sanitation and nutrition helped India lift over 270 million people out of poverty in the last fifteen years. There are many challenges we will face. We still have to provide affordable healthcare to reach the WHO criterion. The COVID pandemic and the massive economic crisis caused by the lockdown have affected our growth target but far better than the developed nation in saving lives of people. The government announced self-reliance i.e. Atma Nirbhar Movement last year to help local industries and service sector. The economic activities are gathering momentum in the
last six months. Many of industries are reaping the benefits slowly. In Defence sector we can see selfreliant in procuring components that can boost industries. Once the core industries focus on selfreliance the MSME sector will bear fruits that will help employment, consumption and saving and improvement in service sector.
Keywords: GDP, Growth, crisis, Self-reliance, Economic development
[This article belongs to NOLEGEIN Journal of Business Risk management(njbrm)]
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|Received||September 23, 2021|
|Accepted||October 10, 2021|
|Published||November 12, 2021|