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Topic – India can never be a $20 Trillion Economy
Rules of the discussions:
1. Each of these topics will be available till 11 pm on the day it is first posted.
2. I / The IMM team will personally try to judge and evaluate all the points made after 11 pm and reply back to all of them.
3. The discussion will remain open for any other clarifications/points.
4. Points will be awarded for each reply. And all participants will be ranked.
5. You will be allowed to change your stance.
Look forward to a healthy debate ! :good:
I don’t agree with the word never. India can be $20 tr economy, but it will take time. During our PM’s speech at economic times at GBS, he asked the same question. If we look at the global outlook, world bank has estimated that India will surpass the growth rate of China in 2017 and in 2015. Inflation has been within limit for several consecutive months and GDP has been better than expected. Recent IIP data backs the growth in production. New government’s initiatives are promising. If the state election’s trend continues, NDA will have majority in upper house and then government will be able to have some reforms and don’t have to follow ordinance route. In forthcoming budget, we may come across many radical changes. RBI’s recent rate cut by 25 base points supports government’s growth oriented attitude. We cant’t be developed country over night. It will take time and new reforms will also have effectiveness lag to spread across country. Though target is approximately 10folds the current GDP but it’s achievable in long – very long run.
“can never be” is too rigid a phrase to quote.
presently india is a $1.7trillion economy. the gap between 1.7-20 trillion might seem to be very large and scary but we need to look at several points before we say something so rigid.
1. India is currently in the phase of demographic dividend which can have a tremendous effect on the growth prospects of the country only if this opprtunity is realised completely with the help of adequate and efficient policy setup.
2. To reach to a level of 20 trillion theres got to be a combined and optimum growth of all major sectors. India up till now has predominantly witnessed service led growth. so on the positive side we can say that with ample amount of skilled human capital, india still has a lot of potential to capture the fruits of other major sectors as well.
3. optimum allocation of resources coupled with weak implementation of policies has led to a downfall in growth rates compared to what should ve been if everything wud ve worked well.
on the negative side
reaching a level of $20 trillion is quite difficult as the demographic dividend will not stay for that long.
the said projection requires a serious effort on the part of the government to make it a reality.
India as a nation needs to consider and encourage human capital by investing more in every dimension(social, economic and political) to bear the fruits of a large economy.
India needs to change its path from an imitating to an innovating strategy.
Yes why not,India can definitely reach that figure if we take actions accordingly and have a strategic plan in our approach.Our PM by his ‘Make in India’ theory is encouraging many MNCs to build their factories here.Reliance has promised to invest to increase its manufacturing in India,Sun edison has already promised to invest large chunks of money to set-up manufacturing of Solar panels here.There are also lot more who have shown there interest.This will definitely make India a market of various goods infront of the world in the long run and it will boost up the economy to a great extent.Even in the Global Business summit nobel lauret Krugman have said that its India which is definitely the country of the future.He has even said the economic reforms of India looks even more promising than China.Even Walmart said India looks fruitful country to invest but it only has some issues that needs to be solved.Hence, if we can keep up this good work and perform as per the plan then even though we have miles to go but we can reach our destination for sure.
Great Points Everyone. I will not be grading Dushyant as hes part of the team.
@karan and @Sourav: Both of you have responded well. +5 to both of you ! :good:In general, I would have preferred one to at least speak in favor of the motion. When everyone is on the same side, you score more when you differin your point of view successfully. Just a suggestion :good:
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