Friday, May 24, 2013

Challenges of India’s Development Story

"Abundant Foodgrain Stocks, Ample Foreign Exchange Reserves and Poverty: Addressing the Challenges of India’s Development Story" 

“Where the mind is without fear and the head is held high, Into that heaven of freedom, my Father, let my country awake.” 
These lines echo only in poems by great poets, but in reality every single Indian has three basic needs “ROTI, KAPDA AUR MAKAAN”, meaning: food, shelter and clothing. In the story of India’s development,many challenges have occurred.These challenges are divided into four types:Priority Of Sustainence,Priority Of Stability,Priority Of Technology,Division Of Strategy.

Owing to the large population of India which is not organized properly, sustenance becomes first priority as challenge of India’s development.Though India is an agro-based country, enough of food is not available for poor.An average Indian witnesses beggars sleeping on streets almost everyday.Poor people have no place they can call home.A prodigal child wears different brand clothes almost everyday whereas not enough cloth is available to cover the body of a beggar.

Thus, government should harness the revenue it receives from various means and no single citizen should sleep with an empty stomach.Abundant clothing should be provided to the poor to cover themselves.Government should utilize its revenue and make home for the poor and deprived. In return, the government can ask the poor to work for the betterment of the country and provide their service.

Priority Of Sustainence is followed by the Priority Of Stability.Stability is defined as the quality of being firm and steadfast.If sustainence is achieved, stability will follow. India will gradually transfer from being a developing country to being a developed country.With proper allocation of wealth, utilization being the ultimate goal and the various development strategies employed for the upliftment of country, the challenge of stability can be eliminated.

Stability is then followed by the Priority of Technology. In order to make technology a priority,our aim should be to eliminate illiteracy.Various educational development programmes which are implemented in few villages should be expanded.Villages should no longer be called as “grahmin bharat”,education on equality basis should be provided all over India.There should not be any gender discrimination.Education must be made compulsory to one and all.This would lay a foundation for technical approach.For example with the help of technical approach,all the accounts can be managed by computers even in remote local villages if villagers will be well educated and this will eliminate corruption,ensure transparency and make mob smarter.Technical approach will ensure mechanization and risky labourous tiresome work can now be made mechanized and the human resource,which is rather more precious than any other resource can be utilized for other important activities.

The tendency of an average Indian is that he will never work for free.And who are we to blame him? It is a Kalyuga indeed! Hence, proper rewards should be kept for contribution of people in various fields like banking,finance,IT,telecom.There should be meritorial prices for employee of the month,deserving candidate should be given appropriate perks by the Indian industries so that foreign returned Indian students stay in India and this will inculcate a sense of patriotism in them.

Another important challenge is the Division Of Strategy.Strategy should be divided in three parts:Agriculture,Industrial and Economical.Agriculture strategy must see to it that all requirements are met so that every Indian gets his daily bread.No comprise with quality should be done,no discrimination when it comes to supply of foodgrains to rich and poor.Industrial strategy must consider the different types of industries and setup.Almost all types of industries with proper setup should be established in India so that all needs of common man are met and enough of revenue can be generated by exports.Economic strategy must answer the question”How to utilize funds?”,”Is India sound economically?”When we have the second highest population in the world and if it is being educated and mentored in a proper way, Agricultural, Industrial and Economical strategies can be easily met.

Capital market can also play an important role in addressing the challenge of India’s development story. Investment in foreign market can help earn revenue for our country and benefit millions. Stabilize capital, Long Run Investment (LOI), Return on Investment (ROI) can also add weightage to development.With the stability of share market and capital market, along with elimination of all challenges, sooner a day will come when one will write INDIA’S DEVELOPMENT STORY.

-POOJA PRABHU (MUMBAI)
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