Sakshi SinghBegginer
India’s economic development over the last decade has had many major milestones ¹ ² ³: In 2019, India’s nominal GDP increased to become the fifth largest in the world at $2.87 trillion, surpassing the United Kingdom’s $2.83 trillion GDP at that time. From February 2010 to February 2020, real GDP groRead more
India’s economic development over the last decade has had many major milestones ¹ ² ³:
- In 2019, India’s nominal GDP increased to become the fifth largest in the world at $2.87 trillion, surpassing the United Kingdom’s $2.83 trillion GDP at that time.
- From February 2010 to February 2020, real GDP growth rate was around 6.66% on average.
- This is a historic tax reform for India with introduction of Goods and Services Tax (GST) which happened in July, 2017.
- Over a nine-year period, there has been an infrastructure development by building of seventy-four airports in India.
- Export data reveals that India’s role in global supply chains is growing bigger and bigger.
- It is expected that Indian GDP would grow by 6.8% and 6.5% respectively for FY’24/25 and FY’25/26.
Indian professionals pursuing careers abroad after education in India raises questions about "brain drain" versus globalization benefits. - Brain Drain: Talented individuals leaving India deprives the country of skilled workforce, hindering national development and progress. - Globalization benefitsRead more
Indian professionals pursuing careers abroad after education in India raises questions about “brain drain” versus globalization benefits.
– Brain Drain:
Talented individuals leaving India deprives the country of skilled workforce, hindering national development and progress.
– Globalization benefits:
Remittances, knowledge transfer, and international connections can benefit India, fostering global collaborations and economic growth.
– Ethical implications:
Individuals choosing to work abroad may prioritize personal growth over contributing to India’s development, raising ethical concerns.
– Counterargument:
Acquiring global experience and expertise can enable individuals to contribute meaningfully to India’s growth upon return.
– Government role:
Encouraging return migration, creating opportunities, and fostering innovation can harness the benefits of globalization while minimizing brain drain.
Way Forward:
India should adopt a balanced approach, acknowledging both perspectives, and create an ecosystem that encourages talent to contribute to national growth while allowing for global exposure and collaboration, ensuring ethical considerations align with individual and national aspirations.
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