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Charting the economic journey ahead
The article revolves around where the Indian economy will be after 25 years and whether it will be able to achieve the status of a developed nation.
Early strategy:
- The strategy of State intervention: The State intervention model couldn’t deliver and by the 1970s, the policymakers acknowledged the same. This was also the time China was making big changes.
- 1991-92 Crisis: Plan after plan, actual growth was less than projected. Despite the green revolution and improvement in literacy rate and life expectancy, India faced its worst crisis.
- Peak to Bottom: Between 2005-06 and 2010-11, India’s GDP grew by 8.8%. But the growth rate fell to 4.5% in 2012-13 and later touched a low of 3.7% level in 2019-20.
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