Propelling India’s development the right way
India must redouble efforts to make economic growth more inclusive and broad-based.
India's Ambitious Technological Pursuits
- Government Investment in Advanced Technologies: India invested in advanced tech during the 1950s-60s, creating prestigious institutions and showcasing its resolve to excel in innovation.
- Criticism of the Moonshot Strategy: Critics questioned India's public investment in tech, suggesting a focus on labor-intensive industries. Yet, technology's high costs required public backing.
- Efforts and Vision: Leaders like Vikram Sarabhai saw the potential of technologies like satellites for national development, including telecommunications and education.
Inequalities and Hindrances to Progress
- Inequalities in Land Ownership: India's failure in land redistribution limited assets for marginalized groups, obstructing education and perpetuating social inequalities in the job market.
- Impact on Economic Growth: Inequalities hindered India's economic growth, skewed domestic demand, stunted mass-consumption industries, and stifled entrepreneurial diversity and innovation.
- Lack of investment in key industries: To compete in rapidly growing economic fields like semiconductors and biotechnology, India must reinstate such efforts.
Revisiting India's Development Strategy
- The Need for Generous State Support: India must acknowledge past success in tech and industry, reinstate state support, and revise industrial policies, following global examples.
- Promoting Inclusive Growth: India should focus on making economic growth more inclusive and broad-based.
- Focus on Accessibility to education, especially higher education, should be extended to all, including marginalized and disadvantaged populations.