'Make In India' - How Far Is India's Indigenous Capital Ready To Open Up?
The recent advance in GDP estimate of Central Statistical Office (CSO) for 2017-18 has been 6.5% on y-o-y basis. This has been the lowest in 4 years. But the government is hopeful about the turnaround of the economy. Some of the well known business papers are also very proactive to explain the reasons behind the turnaround. On the other hand a section of economists think that even the estimate of CSO may be an overestimation. They are comfortable at 6.2 or at 6.3. Just against the backdrop of this, it is very difficult to explain the status quo of ‘Make in India’.
The general feature of the history of economic development is that there are three consecutive steps that an economy, generally, has to traverse. At the early stage agricultural growth is the most important. Then comes industrial development. The economic power in the second stage is characterized by industrial development. The last stage is the period of service sector. That is, in the third stage, service sector is the biggest contributor of national products. The peculiarity of the Indian economy is that it has by-passed the industrial development phase. At present, service sector contributes almost 55% of the total GDP of India and industrial sector, including manufacturing, contributes about 26%. On the other hand, close to 60% of the population are in the rural economy and are mostly dependent on agricultural sector. The main purpose of the Modi government is to increase the share of manufacturing to 25% of GDP by 2025 from close to 15% at present. In view of that the Modi government declared the policy of ‘Make in India’ in September 2014.
Denne historien er fra January, 16 - 31, 2018-utgaven av BUSINESS ECONOMICS.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January, 16 - 31, 2018-utgaven av BUSINESS ECONOMICS.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Elections 2024: Illusion & Reality
Whenever there is an election, we find the politicians speaking in hyperboles – and possibly, 2024 Lok Sabha has reached a crest.
Government initiatives aim to bolster rubber cultivation and innovation
Rubber tree plantation has seen significant growth in India, thanks to robust government oversight and favorable weather conditions.
Macron speaks on Europe's economic fragility
Many heads of state often speak on topics over which they have little control or vested interest.
Indian industries stand to benefit in raising of tariff on Chinese imports to the US
A delicate balance of power and influence exists between the United States of America and China.
Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe
On May 13, India and Iran signed a 10-year contract to operate the Chabahar port in Iran.
It is quite incredible to see things of interest happen with the blessings of the divine trio
Swamiji once said, “The wind of divine grace is always blowing. You just need to spread your sail.
The battle for sustainability: Earth Day's message of 'Planet vs. Plastics
World Earth Day, observed annually on April 22 worldwide, commemorates contemporary environmental advancements and promotes awareness of the imperative to conserve Earth and its resources.
Mother Teresa International Award 2024: Celebrating Humanity and Service
The Mother Teresa International Award, a prestigious honor recognizing individuals dedicated to serving humanity, will host its 2024 ceremony in Dubai, United Arab Emirates.
Can India get out of the middle income trap?
In the mid-1980s, international financial institutions moved away from calling their member countries as poor and rich countries, or as developed and less developed countries.
How is India's falling household savings rate worrisome for its development?
There has been a sharp reduction in the household net financial savings rate in 2022-23, leading to an overall decline in the financial savings rate.