Theme:

  • On the occasion of India’s 75th Independence Day, prime minister Narendra Modi set an ambitious goal for the country, which is to become a developed nation by the time India celebrates its 100th Independence Day in 2047.

What is a developed country:

  • Based on gross national income per capita, the World Bank classifies countries into four income groups – low, lower-middle, upper-middle, and high income. Even though the terms – developed and developing are not being used since a few years ago because of the debates about the terms, a developed country would mean a high-income economy.
  • Not every high income economy is a developed country, because there are several other factors to consider. For example, most developed countries have a Human Development Index (HDI) score of 0.8 or above. Developed countries have stable economies, a decent standard of living, better life expectancy.

India compared to the developed world:

  • When it comes to per capita income, India’s per capita income is $2200 in 2021, which is far behind the per capita income of the developed countries like USA, UK, Japan, South Korea to name a few. This shows that common people in the developed countries earn much more than what people earn in India, and also have more purchasing power than we do. This allows them to live a better quality life and to afford better education and health services than we do.
  • India scores 0.625 in HDI as compared to the 0.800 threshold for high human development.
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Challenges:

  • As of 2022, India is a lower-middle-income country as per the World Bank classification. India has to cross upper-middle income economy status before becoming high-income economy.
  • At present, India’s economy is facing several challenges such as inflation, high wealth inequality.

How can India become a developed country:

  • The government must put a priority on the social and economic development of our nation, for which appropriate government schemes must be implemented.
  • India’s demographic dividend. our young workforce, will reach its peak at 2041. Because of this, our government should concentrate on making the best use of it by increasing its spending on research and development, health, education, and skill development.
  • To reduce the wealth inequality and to improve the HDI score, the government should increase the spending on public services such as healthcare, education, transportation etc.
  • We have seen an increase of foreign investments in India, but the majority of them have been made in service sectors, where manual work is less common, and as a result, fewer jobs have been created by them. To improve economic opportunities in the nation and bring in more foreign investment and more jobs, the government needs to provide a significant boost to our manufacturing sector.

Conclusion:

India can undoubtedly reach this extremely ambitious goal of being a developed country by 2047, but only if we acknowledge our weaknesses and focus on the economic as well as social development of the country. A nation may grow to be very powerful and its government may have a lot of money, but if the common people are unable to live better lives, that nation cannot be referred to have developed.

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2 Comments

  • Dr R B Channabasappa, Aug 21, 2022 @ 10:00 pm Reply

    You said india,s GDP per capita is around 2000 dollars.you didnt mention about GDP ppp per capita which india has about 11000 int.dollars.yes you read it correct it is 11000, not 8358 ,as mentioned by IMF.this fact I have understood,so also many economists.imf has underestimated it. Imf ms. Geeta knows it very well. If a country acheives 25000 int.dollar percapita people of that country can have standard of living.this was the per capita level of countries in North America, western Europe and Japan in 1980s.notice here these were all developed countries at that time.now the question is when will india reach this level in today’s int .dollar value.well no body can predict accurately what is in store in the future,but if take past performance in the last three decades and rapid technological advances in the field of solar energy, green hydrogen, health care ,agriculture ,etc , india can achieve 25000 int.dollar level in 15 to 25 yrs.time. indian hdi is .645 in 2019.i Don,t know why you said it .625. check with undp.a country which acheives .700 will become high hdi country and as you rightly said.800 will become high hdi country. India is improving it’s hdi around 1 percentage point every year.so with this india can again easily achieve.800 in 15 to 25 years. The factors in favour of india becoming a developed country are like this.largest country, largest democracy,one of the largest middle class population, who are hard working, getting higher education at any cost, very aspirational, very progressive and ready to embrace any good change. Of course there are adverse situations we have to consider like pandemics,wars, famine, incapable leaders and poor governance.real hope is we had seen all these adverse factors in the past plus population explosion, despite of these adverse factors we became large stable democratic country with GDP per capita multiplying by 8 times and hdi multiplying by 2 to 3 times in last 75 years.so can,t we progress another 1 to 2 times in GDP per capita and 1.3 times in hdi in 15 to 25 yes .i firmly believe it is possible. Of course there will be significant proportion of people will be below national poverty line even if india is developed country due to various reasons.so also infrastructure constraints and natural resources constraints and pollution will pose obstacles.i feel the size our GDP by that time and the tax amount that generates will take care of bellow poverty line people. Advances in science and technology will adress resources constraints and pollution. what our prime minister is hoping that india will be developed india to me it is already written on the wall.jai hind.

  • Daksh Panwar, Aug 21, 2022 @ 1:18 pm Reply

    just a small error. this year it was 76th independence day not 75th

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