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Problems of Indian Economy

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Problems of Indian Economy 7 PROBLEMS OF INDIAN ECONOMY ECONOMIC GROWTH Economic Growth is defined as the rise in the money value of goods and services produced by all the sectors of the economy per head during a particular period. It is a quantitative measure that shows the increase in the number of commercial transactions in an economy. Measurement of Economic Growth Economic growth can be expressed in terms of gross domestic product (GDP) and gross national product (GNP), which helps in measuring the size of the economy. It lets us compare in absolute and percentage change, i.e. how much an economy has progressed since last year. According to the Ministry of Statistics and Programme Implementation (MoSPI), India‘s GDP growth rate was 4.4% in 2019-20. It is estimated to be –7.7% for 2020-21. India ranks 6th in terms of GDP with an estimated nominal GDP of $2.8 trillion for 2021 and 142nd in terms of Per Capita GDP with an estimated value of $1,877 for 2020. ECONOMIC DEVELOPMENT Economic Development is defined as the process of increase in volume of production along with the improvement in technology, a rise in the level of living, institutional changes, etc. In short, it is the progress in the socio- economic structure of the economy. Measures of Economic Development 1. Human Development Index The Human Development Index (HDI) is a statistical tool used to measure a country‘s overall achievement in its social and economic dimensions. Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure a country's development by the United Nations Development Program (UNDP). HDI is a summary measure of average achievement in key dimensions of human development. The dimensions of HDI are: i. Long and healthy life The health dimension is assessed by life expectancy at birth. ii. Knowledge The knowledge or education dimension is assessed with the help of: a. The mean years of schooling (i.e. years that a person aged 25 or older has spent in formal education) b. The expected years of schooling (i.e. total expected years of schooling for children under 18 years of age) iii. A decent standard of living The standard of living dimension is measured by per capita gross national income at Purchasing Power Parity. 2 Macroeconomics HDI is computed as the Geometric Mean of the indices for the three dimensions. This is used to rank countries into four tiers of human development i.e. Very high, High, Medium and Low Human Development. The Human Development Report (HDR) presents the Human Development Index (HDI) (values and ranks) for 187 countries and UN-recognized territories, along with the Inequality-adjusted HDI for 145 countries, the Gender Development Index for 148 countries, the Gender Inequality Index for 149 countries, and the Multidimensional Poverty Index for 91 countries. India's HDI value for 2019 is 0.645 which put it in the medium human development category. India has been positioned at 131 out of 189 countries and territories, according to the report. 2. Green GDP The green GDP is an index of economic growth considering environmental consequences of that growth into a country's conventional GDP. Green GDP monetizes the loss of biodiversity, and accounts for costs caused by climate change. It takes into account the use of natural resources as well as the costs involved. This includes resource depletion, environmental degradation and protective environmental initiatives. Environmental Accounting The System of National Accounts (SNA) is the internationally agreed standard set of recommendations for measuring the economic activities of production, consumption and accumulation of wealth in an economy during a period of time. When information on economy's use of the natural environment is integrated into the system of national accounts, it becomes green national accounts or environmental accounting. The process of environmental accounting involves three steps viz. Physical accounting; Monetary valuation; and integration with national Income/wealth Accounts. Physical accounting determines the state of the resources, types, and extent (qualitative and quantitative) in spatial and temporal terms. Monetary valuation is done to determine its tangible and intangible components. Thereafter, the net change in natural resources in monetary terms is integrated into the Gross Domestic Product in order to reach the value of Green GDP. 3. Gender Inequality Index The Gender Inequality Index is a composite measure reflecting inequality in achievements between The GII is a composite measure, reflecting inequality in achievements between women and men in three dimensions: i. reproductive health: measured by two indicators: maternal mortality ratio and the adolescent fertility rate ii. empowerment: measured by two indicators: the share of parliamentary seats held by each sex and by secondary and higher education attainment levels iii. the labour market: measured by women‘s participation in the work force. The GII is built on the same framework as the HDI and the IHDI — to better expose differences in the distribution of achievements between women and men. It varies between zero (when women and men fare equally) and one (when men or women fare poorly compared to the other in all dimensions). The Gender Inequality Index is designed to reveal the extent to which national human development achievements are eroded by gender inequality, and to provide empirical foundations for policy analysis and advocacy efforts. India was placed at 123rd position in the gender inequality index in the Human Development Report 2020. 4. Gross National Happiness Index GNH is a philosophy that includes an index which is used to measure the collective happiness and well-being of a population. Problems of Indian Economy 3 The term "Gross National Happiness" was coined in 1972 by Sicco Mansholt, one of the Founding Fathers of the European Union and the fourth President of the European Commission. GNH is often misattributed to Bhutan's fourth King, Jigme Singye Wangchuck who popularized the concept in the late 1990s. Rather than focusing strictly on quantitative economic measures, gross national happiness takes into account an evolving mix of quality-of-life factors. According to the Bhutanese government, the four pillars of GNH are: i. sustainable and equitable socio-economic development; ii. environmental conservation; iii. preservation and promotion of culture; and iv. good governance. According to the UN-World Happiness Report 2020, India ranks 144 out of 156 countries surveyed. Finland tops the list. SUSTAINABLE DEVELOPMENT The term Sustainable Development was used by the Brundtland Commission which has become the most often- quoted definition of Sustainable Development: "Development that meets the needs of the present without compromising the ability of future generations to meet their own needs". Sustainable development has gained momentum as a larger movement over the years. We now associate it with improving living standards, poverty alleviation, nutritional improvements, minimizing social and cultural instability and resource depletion. The Pillars of Sustainable Development The three pillars of sustainability are a powerful tool for defining the Sustainable Development problem. This consists of three parameters: Economic, Social, and Environmental pillars. If any one pillar is weak then the system as a whole is unsustainable. 1. Social Sustainability Social Sustainability is the ability of a social system, such as a country, family, or organization, to function at a defined level of social well-being and harmony indefinitely. Problems like war, endemic poverty, widespread injustice, and low education rate are symptoms of a system that is socially unsustainable. 2. Environmental Sustainability Environmental Sustainability is the ability of the environment to support a defined level of environmental quality and natural resource extraction rates indefinitely. This is the world's biggest actual problem. 3. Economic Sustainability Economic Sustainability is the ability of an economy to support a defined level of economic production indefinitely. Sustainable Development Goals Under the United Nations Millennium Declaration, signed in September 2000, the world leaders committed themselves to combat poverty, hunger, disease, illiteracy, environmental degradation, and discrimination against women. The Millennium Development Goals were derived from this Declaration. The United Nations Millennium Development Goals or simply Millennium Development Goals (MDGs) are eight goals that all 191 UN member states had agreed to try to achieve by the year 2015. The Sustainable Development Goals (SDGs), also known as the Global Goals, are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. These 17 Goals are built on the successes of the Millennium Development Goals and include new areas such as climate change, economic inequality, innovation, sustainable consumption, peace and justice, among other 4 Macroeconomics priorities. The goals are interconnected – often the key to success on one will involve tackling issues more commonly associated with another. The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future. SDG Report 2020 According to the Sustainable Development Report 2020 – The Sustainable Development Goals and Covid-19, India has ranked 117th out of 193 members. According to
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