The trends of our economy

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    With time, any country changes its political, economic, cultural, social and ethical outlook. The change in economy experienced in India is different from the rest of the world. The transition has been quite unpredictable creating discrepancies in employment and growth.



    As a young independent nation, we started out as a mixed economy tilted towards socialism. One reason to adopt this kind of strategy was to protect the nascent domestic industries from powerful foreign competition and to become self reliant. The other being that the Indian industries at that time were not well diversified and had only a few industries in cotton, jute and iron and steel industry.

    Usually, a country progresses from underdeveloped to developing to developed in stages. Initially the primary sector involving the agricultural and allied activities would contribute to the majority of the GDP(simply growth). As the growth happens, the share of agricultural GDP reduces and secondary sector involving industries contributes more to the GDP. Further with growth, the tertiary sector involving services would contribute the most to the GDP. But in India, there was a direct jump from primary sector to the tertiary sector contribution. This might be due to the lesser than expected growth in the industrial sector.

    Further more when a country grows in stages from primary to secondary to tertiary in terms of contribution to the GDP, the number of people involved in each activity will change accordingly. But in India here again there is an aberration where the tertiary sector which contributes most to the GDP has less number of people employed while the primary sector still employs majority of the population. This might be because of less mature demography and human development in terms of skill and education needed for the tertiary sector.

    Now it's time for the government to correct these two by encouraging industries and human development. The recent Aatmanirbhar Bharath, New education policy along with skill development schemes might address this issue, but practical problems like the readiness of the population, regional imbalance and external risks need to be taken into account while formulating any scheme.

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