Sir,
India's economy is currently experiencing robust growth and is on track to become the world's third-largest economy by 2030. It is the fastest-growing major economy, with a projected GDP of 7.3 lakh crore rupees by 2030.
But according to Forbes India, per capita income still keeps the country in 141st place globally, at approximately 2.5 lakh rupees. At just 2.5 lakh, India’s per capita income lags behind much smaller countries like Vietnam and the Philippines. In global terms, it ranks around 139th in per capita GDP. The average Indian earns in a year what a German earns in under a month. This gap is certainly concerning — not aiding the upliftment of the poor, but enriching the already rich.
India needs reforms that will create higher incomes for everyday workers, who are the backbone and foundation of the country’s economy. In India, 40% of the population works in agriculture, and small-scale farming supports many poverty-level communities. However, the Indian government has historically kept prices for agricultural products low in favour of the consumer, despite lower profits for farmers. When farmers prosper, they support other sectors of India’s economy through their own consumption. Greater urbanization and an increase in the manufacturing labour force would allow India’s government to make this a reality.
Education is another sector that needs real attention. Not everybody is receiving the right amount of education, which is making the economy of India lag behind. High-net-worth individuals can also contribute more to the government’s revenue mechanism.
Raising the nation’s per capita income is not the result of a single policy, but of a sustained, multi-pronged approach. Strategic investments in education, skill development, and a focus on agriculture and poverty reduction will pave the way for a more prosperous and resilient nation.
Comments
Add new comment