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Back You are here: Home Economic Outlook What India needs…..what India has?!

What India needs…..what India has?!

Now a day’s Indian economy is anticipated as one of the fastest growing economies in the world, and it is rising rapidly, meeting the shared expectations from different corners of the globe. The latest splash of facts and figures of Indian growth rate also underlines the same. The growth achieved so far, took the entire economy to the state of happiness and hope, because the ultimate aim of every nation is to achieve flying colors in their growth rates, and now, the Indian economy almost soared the pinnacle!

Though it reached a level of prosperity, the living standards of people in India still lags behind. The saddened truth is that, while everyone runs behind the economic growth, the need to achieve equality and equity, which is still a dream for India is knowingly or unknowingly detached from the ‘Indian wish list’! If we substantiate the current Indian penchants for future, we can see that the welfare aspects are being eluded from the list and only the growth in figures matters. Achieving growth without welfare is something that can take the nation into a soulless state. It’s true that there is a growing cry for equality across the globe, and India being a country with least equality, the Indians too started to demand it. However India, a nation ‘of 10 percent, by 10 percent and for 10 percent’, really needs equality or something else?!

Of course, it’s not equality!!!

The real Indian folks doesn’t need equality, instead, they needs equity…, equity in distribution, equity in opportunities, and equity in every aspects of life! 

Now, what is the difference between these two?

There is a wider difference between the terms ‘equality’ and ‘equity’, especially in Indian scenario. In India the major portion of the population is living with the mere subsistence levels of income. So an equal distribution of resources may not be an upright solution for this. In fact, an equitable distribution can make a positive impact on the nation. While equal distribution ensures an equal division of resources, an equitable distribution stands for fair division of nation’s asset. If there is a fair division of resources according to the living standards of the population, then there will be equality in the economy. So if we continue to insist on equality without equitable distribution, the growing gap between richer and poorer sections of the economy will end up in further widening. Because now the richer section possess almost 90 percent of nations wealth. If we now step for an equal distribution, that will never gonna remove the gap between these two extremes of the economy.  Only the equitable division can solve the current scenario.

Thus in short, India does not need equality, instead it needs equity in distribution and opportunities. A principle-based sustainable and welfare approach is what India seeks today. So what we need is to build an equitable atmosphere for the unprivileged folks of India. India may had already reached the growth levels, but for an actual growth and total upliftment of nation, the welfare of the populace have to be improved. Because, improvements in the welfare of people and improvements in actual growth rate of the country are like two sides of a coin. These two are essential for an economy to reach a state of prosperity. Otherwise an increase in the figures of growth rate will not affect the nation in its real sense. What we need is an actual growth comprised of growth in GDP and living standards of the people.

So let’s beat the hitches of wholesome development of the country and lets on look  for a prosperous tomorrow… 

 

 

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