Speech for 2 minutes on power of india
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The Republic of India is considered one of the emerging superpowers of the world.[1][2][3][4] This potential is attributed to several indicators, the primary ones being its demographic trends and a rapidly expanding economy. In 2015, India became the world's fastest growing economy with a 7.5% estimated GDP rate (mid year terms).[5] The country must overcome many economic, social, and political problems before it can be considered a superpower. It is also not yet as influential on the international stage when compared to the United States and former Soviet Union.
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The Republic of India is considered one of the emerging superpowers of the world.[1][2][3][4] This potential is attributed to several indicators, the primary ones being its demographic trends and a rapidly expanding economy. In 2015, India became the world's fastest growing economy with a 7.5% estimated GDP rate (mid year terms).[5] The country must overcome many economic, social, and political problems before it can be considered a superpower. It is also not yet as influential on the international stage when compared to the United States and former Soviet Union.
Explanation:
Economic obstaclesEdit
See also: Economy of India § History
PovertyEdit
As of 2011, approximately 21.9% of India's population lived below poverty line.[157][158] Poverty also begets child labour.[159] Various reforms, including mass employment schemes have been undertaken by the government to tackle this problem,[160] and India has been quite successful in reducing its share of poverty. The number of people living on $1 a day is expected to fall in South Asia from 41.5 per cent in 1990 to 16.4 per cent until 2015.[161] However, the issue of poverty in India is far from resolved. There is consensus among economists that overall poverty in India has declined, the extent of poverty reduction is often debated.[162] The economic reforms of the early 1990s were followed by rates of high economic growth. Its effect on poverty remain controversial, and the official numbers published by the Government of India, showing a reduction of poverty from 36% (1993–94) to 26% (1999 – 00), to 22% (2004–05), have been challenged both for allegedly showing too little and too much poverty reduction.[163] As of 2011, 86.8% of Indians live on less than $5.50 a day by purchasing power parity.[164] While there is a consensus on the fact that liberalisation has led to a reduction of income poverty, the picture is not so clear if one considers other non-pecuniary dimensions (such as health, education, crime and access to infrastructure). With the rapid economic growth that India is experiencing, it is likely that a significant fraction of the rural population will continue to migrate toward cities, making the issue of urban poverty more significant in the long run.[165] Economist Pravin Visaria has defended the validity of many of the statistics that demonstrated the reduction in overall poverty in India. He insisted that the 1999-2000 survey was well designed and supervised, and he further defended that just because the numbers did not appear to fit preconceived notions about poverty in India, they should not be dismissed outright.[166] Nicholas Stern, vice-president of the World Bank, has published defences of the poverty reduction statistics. He argues that increasing globalisation and investment opportunities have contributed significantly to the reduction of poverty in the country. India, has shown one of the clearest co-relation trends of globalisation with the accelerated rise in per-capita income.[167][168]
InfrastructureEdit
Basic infrastructure in India[169] such as roads, power grid, water, communications infrastructure, housing and education are often below standards, and not catching up with the tune of its economic progress.[170] Continued poor infrastructure might serve as a bottleneck to further economic development. The 2012 India blackouts, which affected millions, was a result of such problems. The government is, however, improving the infrastructure, such as expanding the freeway and highway system and bringing it up to global standards. As of 2005, India only had 4,885 km of central-divided expressways,[171] while the U.S. and China have 90,000 km and 41,000 km of expressways, respectively.[172]
DisorganizationEdit
India's continual economic prosperity is also hindered by bad governance and ubiquitous red tape[173] (‘Bureaucratic Raj'[174]). Retrogressive government regulations affect many areas. For example, in some states, black outs and power rationing are common due to underinvestment, differing state and local regulations, etc.
Inflation and overheatingEdit
Despite India's growth spurt of 8% p.a. in recent years, its sustainable pace is still much lower than China's, which puts its economy more at risk of overheating and rising inflation.[175] The Reserve Bank of India (RBI) has acknowledged the risk of overheating and has been tightening monetary policy steadily. It is debatable whether this alone will be sufficient to ease inflationary pressures. The economy is running near or above capacity, and the RBI has noted that production must rise at a pace sufficient to match overall GDP growth if further inflationary pressures are to be avoided. The Indian government has said that much of the rise in inflation recently can be attributed to short-term supply constraints, such as a shortage of key foodstuffs thanks to an erratic summer monsoon.