{"id":200182,"date":"2022-08-16T19:12:27","date_gmt":"2022-08-16T13:42:27","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=200182"},"modified":"2022-08-16T19:13:08","modified_gmt":"2022-08-16T13:43:08","slug":"to-be-developed","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/to-be-developed\/","title":{"rendered":"To Be Developed"},"content":{"rendered":"\n

Source<\/strong>: The post is based on the article \u201cTo be developed\u201d<\/strong> published in The Times of India<\/strong> on 16th<\/sup> August 2022<\/strong>.<\/p>\n

Syllabus: GS 3 <\/strong>Indian Economy and issues relating to planning, Mobilization of Resources, Growth, Development, and Employment.<\/p>\n

Relevance: <\/strong>Economic Growth<\/p>\n

News: \u00a0<\/strong>The Prime Minister of India\u2019s 75th<\/sup> Year Independence Day speech has set an ambitious target that India must become a developed country by 2047.<\/p>\n

Criterions for a country to become developed<\/strong>: (1) income, and per capita income<\/strong>, and (2) non-farm employment<\/strong> must be far more than farm employment.<\/p>\n

Linkages between two criteria<\/strong>; If the share of people in farming goes down and manufacturing and services jobs multiply, it leads to a rise in incomes. For example, the British saw an increase in income during the Industrial Revolution<\/strong> when the share of employment in agriculture begin to come down in around 1760. In fact, in every country that has become rich, farm employment has radically shrunk.<\/p>\n

Where does India stand today?<\/strong><\/h5>\n

In 2018-19, around 41% of the labor force was engaged in agriculture, and 12.1% were employed in manufacturing. Most of those who came out of farms are absorbed in low-paid and insecure jobs in services and real estate.<\/p>\n

Challenges in giving a boost to the manufacturing sector <\/strong><\/h5>\n

The tariff rate has increased by 4. 5 percentage points over the last five years to 18. 3%.<\/p>\n

The government has embarked upon protectionism<\/strong>. The PLI schemes have an overemphasis on protection. This protectionism will undermine opportunities offered by the world, to India, in the Global Value Chains.<\/p>\n

Lack of<\/strong> speedy dispute redressal process<\/strong>: Indian courts\u2019 performance in contract enforcement is among the worst in the world. NCLT. There are vacancies<\/strong> and huge backlogs<\/strong> in the entire judicial system that dilute the efficacy of most reforms<\/p>\n

What should be done?<\/strong><\/h5>\n

In order to become a developed country, the Indian economy requires people to move out of farms much faster. For this, the Indian farming sector needs to be reformed and manufacturing should flourish<\/strong>.<\/p>\n

To boost the manufacturing sector<\/strong>: (1) the Centre-state should make a joint effort to clear projects fast, and (2) the Centre should stop hiking import duties and reduce the which can be low-hanging fruit for the government.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cTo be developed\u201d published in The Times of India on 16th August 2022. Syllabus: GS 3 Indian Economy and issues relating to planning, Mobilization of Resources, Growth, Development, and Employment. Relevance: Economic Growth News: \u00a0The Prime Minister of India\u2019s 75th Year Independence Day speech has set an… Continue reading To Be Developed<\/span><\/a><\/p>\n","protected":false},"author":10343,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10496],"class_list":["post-200182","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-times-of-india","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704701467},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/200182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10343"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=200182"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/200182\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=200182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=200182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=200182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}