CREDIT: REDDIT, Industrialfrontindia, effective-states
India is predicted to be the next big economic boom of this century! 📈 Many economists and news outlets praise the country for its liberalization and deregulation since 1991, allowing for rapid growth. However, this has come at a cost—rising inequality, hunger, and environmental damage. 🌍💔
Despite new factories opening, wages remain low, workers' rights are weak, and corruption continues to hinder progress. 🚧 So, if you had the power, how would you reshape the Indian economy? 🤔
💡 A Thoughtful Perspective from a User 👥🔍
🧑â€🌾 Agricultural Collectivization – Large-scale farming can boost productivity and provide mass employment. 🌾👩â€🌾
🏭 Hierarchy of Goods in Manufacturing – Develop industries in a structured way, prioritizing essential sectors, all under nationalization. 🔄
🖥 Tech-Driven Industrial Planning – Use computers to optimize factory inputs/outputs and automate industrial expansion. 🤖📊
👷 Addressing Jobless Growth – Over the past 30 years, India's GDP has surged, but employment elasticity has been low. 📉 Jobs increased, but not at the rate of GDP growth.
🚲 Tapping Untapped Labor – Many turned to self-employment (small stores, rickshaw drivers, street vendors). India must unlock its true labor potential for sustainable growth! 💪🏽
📊 Summary & Approx.
🔹 India's economy has grown significantly since 1991, but inequality, low wages, and corruption remain major concerns.
🔹 Job growth has not kept pace with GDP expansion, leading many to become self-employed.
🔹 A structured, tech-driven, and nationalized industrial model could help balance economic growth with public welfare.
