India has a special place in rising Asia in the 21st century.
11/17/2016| Views(347 ) | Writing Structure |Qchat
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Context: This year India has become the fastest growing economy in world by surpassing China. But India must overcome many of the economic, social, and political problems before it can be considered a superpower.
- Lack of skilled manpower, capital, technology and infrastructure
- Regional disparity
- Lack of indigenisation leading to price instability
- Structural imbalances in the economy
- Ease of doing business is yet to come
- Systemic inefficiencies
- Border disputes with China and Pakistan leading to diversion of capital towards defence
- Uncertainty in global demand
- Poor performance of Regional economic partnerships
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The challenges inherent to the Indian economy need to be addressed by ushering structural reforms in the economy such as weeding out cost inefficiencies, reforming the taxation system, ensuring price stability and gradually building self reliance in different sectors of the economy. At the global level, India needs to diversify its trade direction away from recession prone developed economies to emerging economies which in turn will give boost to domestic employment, raise per capita GDP.