ECONOMIC BALANCING IN INDIA




We may have a non-conventional look at the Indian economic development. As per Forbes report India has 169 billionaires in 2023 which was 166 in 2022, 101 in 2017 and 9 in 2000. As per information 73% of wealth generated in 2017 went to the richest 1%. The poverty rate in India was 26%in 2000, 27.4% in 2012, 21.6% in 2014 and 2015 it was 176 million. In 2023 it is 14.96%.  Poverty line in India is earning below Rs 27,000 per annum or Rs 2,250 per month or Rs 75 per day. In today's price can one live with Rs 75 a day? Internationally poverty line is marked at two ranges, $10 and $5.50 a day. If this becomes the benchmark, many more Indians may fall under below poverty line. According to Oxfam, it takes 941 years for a minimum wage earned worker to reach the level of a well paid executive of a garment company in India.

Now it is the people of India to determine their targets of growth. Do we want to eat fairly good food three times in a day? Do we want to continue living in the tarpolin roofed house? The women of the house will walk for miles for drinking water? Do we want to give good education to our children? In case of sickness do we want to have good treatment for us and other members of our family? And finally, how long we will wait for the kindness of the politicians for our day to day needs? Under the current situation, how much time it may take for every Indian to have a reasonably good furnished house and a small car? And we all need a descent income to live. Who is to provide this?

In an imaginary conception Indian economy may grow into any of the following three options. 1)  The billionaires may be growing fast and the poor may be receding slow. 2) The poor may shrink into zero and the mixed ecconomy may flourish. 3) The billionaires may cherish on the one end and the poverty reach it's height on the other and the economy may collapse. Chinese economy, the second largest in the world, is said to have become in a fragile state. This must be an eye opener for we Indians. Now no government can wait any long. All state governments and the central government may leave politics and concentrate on the upliftment of the people. The first step towards this should be to eradicate corruption from this country.

K V George 

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