GROWTH, DEVELOPMENT & EMPLOYMENT

While GDP growth reflects the quantitative economic growth, Economic development is a wider, qualitative concept, encompassing – social, economic, psychological and emotional well-being.

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GROWTH, DEVELOPMENT & EMPLOYMENT : REVISION CARD

INTRODUCTION:

Growth Vs Development	While GDP growth reflects the quantitative economic growth, Economic development is a wider, qualitative concept, encompassing – social, economic, psychological and emotional well-being.
GDP Growth & Capital Formation	While India’s GDP Growth rate has increased from 6% in 2011 to 7% in 2022, the Gross fixed capital formation has decreased from 34% to 31% in 2022.
Growth & Employment	While India remains a "bright spot" as the fastest growing major economy in the world, unemployment (Jobless growth) is emerging as a major challenge to inclusive growth.

FORMULA BY theIAShub

Growth × Employment = ↓ Poverty + ↓ Economic Inequality + ↑ Opportunities + ↑ Quality Of Life ↑ Productivity = ↑ Gdp Growth + ↑ Efficiency + ↑ Innovation

SPEECH BY PROMINENT PERSONALITIES (PM, PRESIDENT, UN OFFICIAL et. al)/RECOGNITION IF ANY:

PM MODI:

I want to make India’s development journey a ‘Jan-Andolan’; everyone must feel he or she is working for India’s progress.
Today’s mantra is – ‘Will for Progress’, ‘Work for Progress’, ‘Wealth for Progress’, & ‘Plan for Progress’.

FORMER PM - RAJIV GANDHI:

Development is not about factories, dams and roads. Development is about people.

DATA/FACT:

India’s Global GDP ranking

5th largest economy (in terms of nominal GDP)
3rd largest, after China & USA (in terms of PPP)
At $3.75 trillion (Nominal), the Indian economy has grown nearly 9 times since 1991.

Development

In HDI 2022, India ranked 132 out of 191 countries.

Employment

(PLFS)

Total Labor force participation rate – 55% of total population (Male: >75%, Female: >30%)

Unemployment rate improved from the 45-year high of 6% in 2017-18 to 4% in 2021-22.
Unemployment rate among youth – in double digits

KEYWORDS:

BODY: 4 Ds (India’s Advantage) - Democracy, demography, demand, decisiveness; Alternative global manufacture (China +1); Human-centric Development; Vocal for Local; MSME as “Silent Engine of Growth”
CONCLUSION: From pro crony to pro-business approach; Pro-people and pro-planet growth; Transition from GDP to JDP (Jobs data product); From Economic Complexity to Economic Prosperity; From ‘Fragile Five’ to ‘Top Five’ economies of the world; From Job Seekers to Job Creators

COMMITTEES RECOMMENDATIONS/NATIONAL OR INTERNATIONAL REPORTS:

National Commission on labour recommended labour market flexibility, skill development, social security enhancements, and sector-specific policies to drive economic growth and foster employment opportunities in India.

GOVT SCHEMES, POLICIES AND INITIATIVE:

PM Gati shakti: Integrated planning of multimodal infrastructure for economic growth and sustainable development.
National Infrastructure pipeline (NIP) & National monetization pipeline (NMP): To boost infrastructure investment.
National Logistics Policy (2022): To lower the cost of logistics and boost GDP growth
PLI and Make in India: For creation of high production, economic growth, exports and significant employment.
Other: Startup India, Stand up India, Digital India, 100 Smart Cities and Skill India.

EXAMPLES/CASE STUDIES:

Nordic Model of Inclusive Growth: The Key elements of which are Cooperative labour markets, Competitive markets and innovation, Strong social services and welfare are underpinned by sound fiscal policy. Tax burdens are relatively high, but the tax system seeks to limit the impact on potential growth, Gender equity, Climate change.

CONCLUSION

The focus needs to be on “Blue -sky thinking” & “Virtuous cycle of investment” to reach $ 5 Trillion mark.
India must seize the opportunity in ‘sunrise areas of growth,’ this would require ‘3S’ approach of Size, scale and speed of action and a focus on technological advancement.
For a sustainable economic growth, India needs to shift from ‘Extractive economic institutions’ (red tapism) to ‘Inclusive economic institutions’ coupled with research & innovation through indigenisation.

GROWTH, DEVELOPMENT & EMPLOYMENT : MICRO DIAGRAMS

INDIA’S GROWTH PHASES

ACHIEVING $5 TRILLION ECONOMY

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