India has had much to celebrate over the past decade that has understandably led to a growing conviction among Indians that the upcoming century belongs to India. India has become one of the world’s fastest growing economies with a global presence in automotives, business process outsourcing, telecommunications, pharmaceuticals and information technology. India’s GDP in purchasing power terms is $3,526 billion averaging a GDP growth rate of 8.5% for the last five years. This makes India world’ fourth largest and second fastest growing economy. The harsh reality is India is also home to world’s largest number of illiterate, undernourished and hungry people. Of the 771 million illiterates in the world 268 million are Indians. While its GDP and Sensex has been registering meteoric rises, growth in literacy has been paltry 12% over 10 years. This has dragged down India’s Human Development Index to a shameful 128, one of the lowest.
According to research conducted by Professor Tim Besley of London School of Economics , a one percent rise in GDP amongst low income countries translates on average, globally, into a reduction in poverty of 0.73. In India the figure is 0.65. In Kerala, Punjab and West Bengal the ratio is above unity, while in Rajasthan it is 0.43, in Maharashtra 0.4, and Bihar a meagre 0.3.
India’s growth narrative is linked to the dreams and hopes of its youth. The only way to realise this dream is through a nation wide explosion of innovation. This requires free, fierce but fair and open competition that is possible only through judicious framework for competition policy and law.
Post Contributed By:
Ashish Ransom
Indian Institute Of Legal Studies
