Can India achieve a high-income status by 2050 when it celebrates the centenary of its Republic?
Will the nation eliminate absolute poverty and improve its human development record?
This book emphasizes the centrality of a trade-oriented services sector led by communication, business services, health, education, research, and innovations for achieving these growth targets. It also argues that inclusiveness, financial prudence, and low-carbon lifestyles are preconditions to long-term growth.
India can achieve such prosperity neither through the socialistic policies of 1950–80 nor through the neo-liberalistic policies since 1980. It needs to, instead, follow a middle-path approach closer to the systems adopted by Germany and the Nordic countries. It is within this framework that India will devise its independent development paradigm rooted in its own traditions and realities.
Chapter 11: Some Overarching Themes
In Chapter 3, we defined a 10-point paradigm for our march to high-income status by 2050. These 10 points were as follows:
- Focus on prosperity as the long-term goal.
- Make prosperity sustainable in economic, social, financial, and ecological terms.
- Focus on service sector as the main engine of sustainable economic growth.
- Ensure social sustainability through full employment of labor, full social mobility, and robust social security system.
- Ensure financial sustainability by funding development program through long-term and prudent source of finance and not through speculative finance.
- Switch to low-carbon systems of production and consumption for making growth feasible and sustainable.
- Develop decentralized knowledge-centric urban centers, both old and new.
- Replace neo-liberal approach by Keynesian approach with regard to the role ...