India's Path to Prosperity: Strategies for Becoming the World's Third-Largest Economy through Innovation, Infrastructure, Digitalization, and Inclusive Growth
India being one of the biggest countries in the world with such a great history and culture is at the precipice of an economic shift. Thus, the largest economy of the world is United States and China and it is predicted that India is also showing fifth largest economy of the world and Indian is going to be the third largest economy of the world soon. This shift may change the numbers and it’s not only in millions of poor people leaving their condition behind ; in improved international status, or in the kind of sustainable growth model. These are some of the strategies that India requires to achieve target.
In fact Indian manufacturing sector is capable of competing on the global level. Promises such at ‘Make in India’ are meant to turn the nation into the manufacturing house of the world. The government of India could retain a great deal of FDI amounts, just in case, by better infrastructure, easier rules and regulations; better ease of business. Moreover, one can pinpoint that developing hi-tech industries including electronics, automobiles, and pharmaceuticals plays a crucial role in year-on-year economic development.
The deliberate development of infrastructure is very vital in enhancing the economic growth. Huge investments are required in transportation, energy and other forms of infrastructure type in the coming period, for inclusive economic growth of the Indian economy. Highways, railways, and airports will be constructed for easier transport, which will enhance individual as well as material circulation and hence increase economic activities. Claiming there are insufficient natural sources of energy to meet the needs of such societies; As such and just as important is the development of renewable sources of energy for the sustainability of societies.
Human capital is an important component of a nation’s wealth central to the success of any economy. India needs to invest today in education and vocational training so that its young population is able to fit into today’s employment opportunities. Stressing the Scientific field with mathematics, technology, engineering, and physics jointly with soft skills will help the workforce to occupy high paying positions in the technology and other sectors.
The world’s second-largest startup ecosystem is growing at a very fast pace and is that of India. Policies friendly to entrepreneurship, availability of funds for the provision of finances and apprenticeship can propel the set up of companies and exploitation of opportunities. This can be done by the government by establishing strong IP environment which encourages innovation through protection.
Digitalization is a great level playing field for India. Opening up more Internet facilities and encouraging people to go online can absorb more individuals and make more people part of the economy. In the case of e-governance they have opportunity to make the government services efficient and reduce the corruption factor and increase the transparency. Also, the implementation of the new technologies such as artificial intelligence, blockchain technology and IoT can help to change the different fields ranging from agriculture, health to the financial sections.
It is necessary for every individual out there to be financially included when it comes to economic development. Such programmes like” Jan Dhan Yojana” has certainly felt this gap and have move forward to achieve the goal. Further ITC based endeavours for digital banking, micro banking and mobile money are beneficial as it pull more population of the society into the domain of formal economy thereby prospecting the savings and investments.
India is also that it needs to diversify its trading alliances beyond the traditional partners. In this case, if India seeks to export much of its products to the rest of the world, it has to open up free trade agreements with these other countries or regions and be an active member of any regional trade blocks. More than anything, IF India needs to reclaim its position in global trade, it has to diversify the export markets, and improve the quality of products and services to become the preferred export destination.
The other relevant factor for FDI is the necessity to develop a proper investment climate. , reducing the number of checks and balances as well as guaranteeing political stability can assist in making India an investors’ paradise. Investment corridors and Special Economic Zones can offer the appropriate settings and support systems to the businesses.
Thus the tenet that has remained relatively well accepted is that economic growth needs to be sustainable. India needs to promote new technologies that are environmentally friendly and launch endeavors to use more of green energy. Measures on sustainable use of resources such as agriculture, proper disposal and management of wastes, and protection of resources for future generations’ use are key to improved and sustainable economy.
Sustainable development makes certain that all the stakeholders benefit from the economic growth and development. In the same way, social welfare programs targeting health, education, housing among others improves the poor standard of living. To sum up, making sure that economic policies incorporate the disadvantaged groups will assist in the reduction of income distribution and thus attaining an equitable society.
