in the last 60 years india has progressed well but the question such as poverty,poor health ect., still exist.what is the reason behind it ? how can we tackle this problem ? write in 150 words
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Explanation:
In the last 60 years India has progressed well but the question such as poverty, poor health etc., still exist. What is the reason behind it? How can we tackle this problem?
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Matruprasad Mishra
Answered January 10, 2018
The economic reforms introduced in July 1991 had two components: macroeconomic stabilisation and structural reform.
The object of the former was to manage the fragile balance of payments situation by reducing the current account deficit and curb inflationary expectations by reducing the rate of inflation. The focus was on the demand side. The time horizon was the short-run.
The object of the latter was to raise the rate of growth of output. The focus was on the supply side. The time-horizon was the medium-term and beyond. Critical decisions were made within one month. Exchange rate adjustments led to a depreciation of the rupee by 23.3% vis-à-vis the US dollar. Gold from the reserve assets of the Reserve Bank of India (RBI), 47 tonnes, was shipped out soon thereafter to raise $405 million from the Bank of England and the Bank of Japan. The Statement on Industrial Policy announced dramatic changes while the union budget presented to Parliament announced far-reaching decisions, way beyond the remit of conventional budgets. There was no default on international payments obligations. In the short-run, the contraction in demand led to a sharp slowdown in growth. But the current account deficit was reduced to manageable proportions within three years. It took a little longer for the rate of inflation to drop below double-digit levels. Growth in gross domestic product (GDP) returned to pre-crisis levels in five years (Nayyar 2001).
The focus of structural reforms was on the industrial sector, the trade regime, foreign investment, foreign technology, the public sector and the financial sector. Trade policy slashed import tariffs and eliminated export subsidies. Public sector reform sought to reduce the activities of the public sector, facilitate the closure of loss-making units and ease the burden on the exchequer on account of the public sector. Financial sector reform sought to improve the profitability of government-owned commercial banks and the functioning of the domestic capital market, assuming that the discipline of market forces alone will achieve both objectives.
Reform dispensed with over-regulation but did nothing to address the problem of under-governance by creating institutional structures and legal frameworks for governance. The short-term outcome was that scams proliferated (Bhaduri and Nayyar, 1996). Policy regimes can allow things to happen but cannot cause things to happen. The debate on economic liberalisation proceeded as if the agricultural sector or rural India does not exist or, if it exists, it does not matter. It is ironical that so little was said or done about social sectors—education and health—in an economy where improving the quality of human resources was the only means of mobilising our most abundant resource, people, for development.
The biggest failure of the past 25 years is that, despite such rapid economic growth, employment creation has simply not been commensurate.
Farmers’ suicides are reported in the newspapers. Maoist movements are considered law and order problems. But neither of these are recognised as symptomatic of deeper crises in rural India.
The physical infrastructures like power, roads, transport, ports, and communications are grossly inadequate. Without it, growth cannot be sustained, let alone be transformed into development.