Samvaad: The Economics Conclave

Indian Economy: A Giant Ready to Catapult

"If we decide, we can change the condition of the Indian Economy. We have to take up the responsibility and show commitment." - PM Narendra Modi

Samvaad: The Economics Conclave

Economic predictors have assessed that India has the potential to be one of the biggest players in production and trade in the coming decades. With a population of 1.3 billion and counting, India certainly has the manpower to contribute on a global scale, and could have the buying power to create a seismic shift in the way the rest of the world makes and markets products. Before the country can really be an economic force on par with the United States, the European Union, and China, it will have to undergo a major overhaul of everything from education to infrastructure, to creating jobs and improving the per capita income.

In the past decade, India's top 1% have bagged 73% of the country's wealth. The billionaire boom is not a sign of a thriving economy but a symptom of a faltering economic system. Is growing wealth inequality an inherent feature of neo- liberal capitalism? Or is it due to liberalization? Such inequality, however, threatens not only Indian democracy but the implicit social contract, enshrined in its constitution, upon which modern India is founded. There needs to be a solution to this widening gap, and it has to be the responsibility of the stakeholders, mainly government and citizens to ensure that they look upon the development of the whole country.

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