India the global growth engine
THE HANS INDIA |
Feb 20,2017 , 01:52 AM IST
Global growth is estimated to have slowed in 2016 to a post-crisis low of 2.3 per cent, as global trade stalled, investment decelerated, and policy uncertainty increased. A moderate recovery is expected in 2017, with global growth forecast to increase to 2.7 per cent, mainly driven by improvements in emerging market and developing economies.
Fiscal stimulus measures in major economies—especially in the United States—could lead to stronger-than-expected global growth.
As per Global economic prospects, India is placed as an emerging Market and Developing Economies (EMDE) list. India will be the fastest growing major economy growing at 7.1per cent as compared to the growth rate of 7.6 per cent in 2015-16 ahead of China. India continues to experience solid growth about 7.8 percent in 2017.
India’s growth performance has been robust and economic bright spot. “India is moving a new direction of economic reforms.Growth in India continues, it lead in performance among large emerging market economies in the world.No doubt that the India’s growth will continue to be driven by private consumption.
Fiscal stimulus measures in emerging market economies like India could lead to good global growth. Now the India is a new global growth engine for the global economy. Let us work for inclusive growth and development for the humanity at global level.
India`s Sectoral reforms including Agriculture, Industrial, Corporate, services sector, Infrastructure and banking Performance is a key drivers for India’s economic growth and development.
India’s share in world GDP has increased from an average of 4.8 per cent during 2001-07 to 6.1 per cent during 2008- 13 and further to an average of 7.0 per cent during 2014 to 2015 in current PPP terms.
India’s 1.31 billion citizens have higher expectations about their future development. India's pool of entrepreneurial, scientific and intellectual human capital is a source of strength for the success of India. In fact, the 'social capital' is present that is our people has been a played a major roll for development of the country.
Economic inclusion is a wider term that means Production inclusion, Distribution inclusion, Consumption inclusion and includes financial inclusion. India on the path of higher growth and fiscal stimulus. Fiscal stimulus and Economic inclusion gives benefits to people of India in social and economic equality.
Economic activity of ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘electricity, gas, water supply and other utility services’, ‘construction’ and ‘Trade, hotels, transport, communication and services are recorded good growth.
The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. The Ttime bound and targeted reforms will boost India’s growth and development, certainly a bright spot to India`s Economy growth and development in all areas.
The landmark initiatives taken by the Government of India that is Make in India, Digital India, Skill India, Smart city mission, Start-up India, stand-up India and Ease of Doing Business initiatives are going to boost economic growth in India.
Improving the efficiency of trade is a key component of development and poverty reduction. India’s exports of merchandise and services from the present level of 465.9 billion USD (2013-14) to approximately 900 billion USD by 2019-20 and raise India’s share in world exports from present 2percent to 3.5percent. No doubt that the India is a major player in the world trade.
The 21 century is a century of global opportunity and prosperity. The world needs 470 million new jobs by 2030. High levels of global unemployment threatening livelihoods and exacerbating inequality and social tensions.
The nature of economic growth in India is depending on human capital, it will reshaping the India’s future. Massive investments will be needed to create the jobs, housing, Rural-urban transformation and infrastructure for all. In India more than 400 million of India’s people–or one-third of the world’s poor–still live in poverty.
So that India must concentrate and create millions of “good”— safe, productive, well-paying—jobs and labour-intensive manufacturing sector reforms is needed for people of India.
Equal Opportunity for All is a fundamental principle. Inequity in all dimensions, including region, caste and gender, it shall be eradicated. India is known for its traditions and culture.
Empowering the minority communities and inclusiveness is the main agenda for the Welfare of Minorities. We need to improve the socio-economic conditions of the minority communities through affirmative action and inclusive development.
Innovation has an engine of growth and development. Two-thirds of our population is below the age of 35, we should ensure that our young get proper productive jobs, India would be the manufacturing hub of the world.
Economic activities in India indicates that the Indian Economy will grow by 7.6 percent for the financial year 2016-2017 and might be 7.5 percent for the financial year 2017-2018. Service sector is the key driver of India’s economic growth and foreign direct investment inflows is a key role for Capital infrastructure formation and progress.
India is the 7th largest country by area and 2nd by population. It is the 12th largest economy at market exchange rate and 4thlargest by Purchasing power parity (PPP). India's pool of entrepreneurial, scientific and intellectual human capital is a source of strength for success of India growth and development.
Empowering people through quality in education and skill development will be a sustainable and equitable social and economic growth in the country.
Sharing knowledge will be crucial to end extreme poverty and boost shared prosperity around the world.
Today, work transformations are driven by globalization and technological revolutions, particularly the digital revolution— the shift from mechanical to digital technology. Technological revolutions is leading to fourth industrial revolution and is a key driver for The People of India.
It is critical for equitable economic growth, poverty reduction and gender equality that means inclusive, sustainable and equitable social and economic growth in the country.
The ‘EASE OF DOING BUSINESS’ in India through simplification and rationalization of existing rules. The “INVESTMENT OPPORTUNITIES IN INDIA`s Infrastructure Development.
Science and technology play a very important and pivotal role for innovation and modernisation in the Primary, Industrial sector and Service sector. S&T directly influence the society which give growth and sustainable development in the nation.
Through the science and technology the industry will be able to produce quality products and service with affordable prices to the target society. Science Departments/Agencies/ NGO`s have playing a significant role for solving the socio-economic issues across the globe.
It shall be the duty of every citizen of India to develop the scientific interest. “Science & Technology play a key role for infrastructure strengthening and sustainable development. India’s Journey to Space from Aryabhata to Moon and Mars Arbitor Mission is a significance progress.
Many countries approaches ISRO to launch satellites to Low Earth Orbits (LEOs), including France, Germany, Norway, Denmark, Israel and Italy. It is because much more cost-effective and reliable.
South Asia has experienced a long period of robust economic growth, averaging 6percent a year over the past 20 years. This strong growth has translated into declining poverty and impressive improvements. However, South Asia remains home to the second most number of people living in extreme poverty and many challenges remain.
Millions still live slightly above the poverty line; however, more than 200 million live in slums, and about 500 million go without electricity. In addition, many countries in the region suffer from extreme forms of social exclusion and huge infrastructure gaps, and the larger countries are experiencing increases in inequality.
Development of the region will be a key to declining poverty and impressive improvements in human development.
India is the world’s largest democracy. Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player. The $1.5 billion Swacch Bharat Mission Support Operation from the World Bank which seeks to end open defecation in India by 2019.
Improving health care will be equally important. Although India’s health indicators have improved, maternal and child mortality rates remain high. India now has that rare window of opportunity to improve the quality of life for its 1.31 billion citizens and lay the foundations for a truly prosperous future that will impact the country and its people for generations to come.
India’s Education: India’s children now have access to a primary school within 1 kilometre of their home. The focus is now on improving the quality of learning, retaining children in school, and ensuring that more children are able to access and complete secondary education.
Corruption is a significant challenge to the social, political, and economic development of India. Corruption is a recognized problem for both government and citizens of India. Corruption is a “very serious problem” in India. We need to combat, curb and end corruption significantly in India.
Recently The Fourth Industrial Revolution/Science & Technological Revolution
The Fourth Industrial Revolution has the potential to raise global income levels and improve the quality of life for populations around the world.
It influence the government and people. In other words The Fourth Industrial Revolution is transformation of entire systems of production, management, and governance. The changes are historic in terms of their size, speed, and scope.
The Fourth Industrial Revolution—is not defined by any particular set of emerging technologies themselves, but rather by the transition to new systems that are being built on the infrastructure of the digital revolution.
As these individual technologies become ubiquitous, they will fundamentally alter the way we produce, consume, communicate, move, generate energy, and interact with one another Climate Change Action Plan of April 2016 aims to help developing countries accelerate efforts to tackle climate change and deliver on their national climate plans.
Intended Nationally Determined Contributions (INDCs). The South Asia region is vulnerable to sea level rise, floods, landslides and agriculture and in rural areas, people have low access to clean and modern energy services.
The INDCs suggest large demand for funding for both efforts to adapt to and mitigate climate impacts, with private sector opportunities in urban infrastructure, and wind and solar and potential for sustainable agriculture.