{"id":217803,"date":"2022-12-09T20:09:36","date_gmt":"2022-12-09T14:39:36","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=217803"},"modified":"2022-12-09T20:09:36","modified_gmt":"2022-12-09T14:39:36","slug":"lets-reflect-on-whatll-make-india-a-developed-country","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/lets-reflect-on-whatll-make-india-a-developed-country\/","title":{"rendered":"Let\u2019s reflect on what\u2019ll make India a developed country"},"content":{"rendered":"\n

Source<\/strong>: The post is based on an article\u00a0\u201cLet\u2019s reflect on what\u2019ll make India a developed country\u201d published in Live Mint<\/strong>\u00a0on\u00a09th<\/sup> December 2022<\/strong>.<\/p>\n

Syllabus: GS 3 \u2013 Economic Development<\/strong><\/p>\n

Relevance: <\/strong>characteristics of a developed nation<\/strong><\/p>\n

News: <\/strong>The External Affairs Minister S. Jaishankar during his recent United Nations General Assembly speech has told the world about India\u2019s ambition to become a developed country by 2047.<\/p>\n

How is a country considered developed?<\/strong><\/h5>\n

There is no exact definition of a developed country. The World Trade Organization (WTO)<\/strong> has no technical classification for a country\u2019s stage of economic development.<\/p>\n

Countries are generally considered developed based on the size of their GDP, per capita income of their citizens along with the presence of high-quality infrastructure.<\/p>\n

However, members of the Development Assistance Committee (DAC)<\/strong> grouping of OECD is generally considered to be among the world\u2019s most developed countries.<\/p>\n

Therefore, India to be called a developed country can refer to the parameters adopted by the countries of DAC.<\/p>\n

What are the characteristics of the countries of DAC?<\/strong><\/h5>\n

First,<\/strong> most of these countries are home to the world\u2019s largest multinational corporations<\/strong>. These MNCs earn a huge amount of money contributing to the GDP of the nation.<\/p>\n

Second,<\/strong> these countries are net exporters<\/strong> of high technology, high value goods and services. This helps most of them run a current account surplus and invest in research, improving their factor productivity and profits.<\/p>\n

Third,<\/strong> these countries have large multinational banks<\/strong>. These big banks provide cheap credit access to the people and business which in turn helps in the growth of the countries.<\/p>\n

Fourth,<\/strong> currencies of these countries have global value. This helps the central bank of those countries to influence the capital flows across the globe through various monetary policies.<\/p>\n

Fifth,<\/strong> these countries have active citizen groups<\/strong> that help organize their economies. The citizens of these countries understand their responsibilities in nation-building and take up the responsibility actively.<\/p>\n

Sixth,<\/strong> these countries have successfully eradicated absolute poverty<\/strong> and provide some form of minimum living standard to their citizens like basic health care, unemployment benefits, etc.<\/p>\n

What is the way ahead for India?<\/strong><\/h5>\n

India is on the path of achieving the characteristics of a developed nation in the coming 25 years. However, this can only be possible if proper strategies are adopted along with the collective efforts of its citizens.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on an article\u00a0\u201cLet\u2019s reflect on what\u2019ll make India a developed country\u201d published in Live Mint\u00a0on\u00a09th December 2022. Syllabus: GS 3 \u2013 Economic Development Relevance: characteristics of a developed nation News: The External Affairs Minister S. Jaishankar during his recent United Nations General Assembly speech has told the world about India\u2019s… Continue reading Let\u2019s reflect on what\u2019ll make India a developed country<\/span><\/a><\/p>\n","protected":false},"author":10320,"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":[216,10501],"class_list":["post-217803","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/217803","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\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=217803"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/217803\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=217803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=217803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=217803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}