Børge Brende, the President of the World Economic Forum, recently praised India, foreseeing it as a future $10 trillion economy. With a GDP of $1.9 trillion, the nation's economy was reportedly the 10th largest a decade ago; now, it stands at $3.7 trillion, a considerable rise. By 2030, the Indian GRead more
Børge Brende, the President of the World Economic Forum, recently praised India, foreseeing it as a future $10 trillion economy.
With a GDP of $1.9 trillion, the nation’s economy was reportedly the 10th largest a decade ago; now, it stands at $3.7 trillion, a considerable rise. By 2030, the Indian GDP is expected to reach $7.3 trillion, and by 2035, it is expected to reach $10 trillion ( Center for Economics and Business Research).
The Indian government has set an ambitious target of transforming India into a ‘developed country’ by 2047. However, not everyone is benefiting from this advancement, especially the marginalised, even as India’s economic standing continues to climb.
With the richest 10% of the population controlling 77% of the nation’s wealth, India is among the most unequal countries in the world.
Some of the measures to address this inequality-
First, implementing progressive taxation eg 1% wealth tax on Indian billionaires is enough to fund the National Health Mission, India’s largest healthcare scheme.
Second, foster inclusive governance by encouraging citizen participation, promoting transparency, and reducing corruption.
Third, encourage private companies to invest in social sectors and support community development projects eg CSR.
Fourth, building robust safety nets to cushion economic shocks eg , extending the coverage and benefits of employment guarantee schemes, both in rural and urban areas or Cash transfers to all women above the age of 20 years etc.
Fifth, correcting labour market policies (Implementing policies that promote fair wages, workers’ rights, and job security).
Sixth, promote gender equality in education, employment, and entrepreneurship to empower women economically and socially.
Seventh, increase the reach of basic necessities eg, allocating 2%-3% of GDP to healthcare.
Eighth, emphasizing the expansion of job opportunities and better wages. Investment in infrastructure including construction can create employment. Creating 7 to 8 million productive jobs per year.
Ninth, embrace technological advancements, innovation and R&D to create new opportunities for all.
Tenth, deepening democracy and decentralization can reduce inequalities. Resorting to fiscal federalism by reducing the inequalities between the Centre and States in finances.
India has the potential to transition towards a more equitable society. As reducing income inequalities will ultimately help us achieving UN Sustainable Development Goal 10.
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In India, the reservation system primarily based on caste rather than economic status stems from historical and social contexts. The reservation policy was introduced to address the systemic discrimination and social injustices faced by certain castes, particularly Scheduled Castes (SCs) and SchedulRead more
In India, the reservation system primarily based on caste rather than economic status stems from historical and social contexts. The reservation policy was introduced to address the systemic discrimination and social injustices faced by certain castes, particularly Scheduled Castes (SCs) and Scheduled Tribes (STs), as well as other backward classes (OBCs). This approach aims to provide equitable opportunities in education, employment, and politics, counteracting the entrenched caste-based inequalities that have persisted for centuries.
Historical Context: The caste system in India has long dictated social and economic hierarchies, marginalizing certain groups and denying them access to resources and opportunities. Despite various reforms, these deep-rooted inequalities persisted, necessitating affirmative action to uplift marginalized communities.
Caste-Based Discrimination: The reservation system is designed to address the specific disadvantages faced by castes historically and presently marginalized. These disadvantages are not only economic but also social and cultural, stemming from a legacy of exclusion and discrimination. Therefore, reservation aims to correct these imbalances by offering opportunities in education and employment.
Economic Status vs. Caste: While economic status is a significant factor in inequality, caste-based reservations target systemic issues that transcend mere economic disparities. A person from a disadvantaged caste often faces societal prejudices and barriers that go beyond financial hardship. Thus, addressing caste-based discrimination involves more than just economic upliftment; it requires dismantling the social structures perpetuating inequality.
Reform and Debate: The debate around whether reservations should be based on economic status or caste is ongoing. Some advocate for an economic-based system, suggesting it would address broader poverty issues. However, supporters of the caste-based system argue that it addresses deeply ingrained social discrimination that economic measures alone might not rectify.
In conclusion, while the reservation system is evolving, its focus on caste rather than purely economic factors reflects the need to tackle entrenched social inequities rooted in historical injustices.
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