Globalizing India: Need for Inclusive Sustainable Human Development
14 Pages Posted: 8 Nov 2012
Date Written: November 7, 2012
India has registered a high rate of economic growth, about 7-8 percent in the recent years; and the same is further projected for the next few decades. After the adoption of liberalization, privatization and globalization (LPG) policies since 1991, India has also done well in areas such as foreign exchange accumulations, coping up international shocks, regulating stock markets, human resource development, and information and communication technologies. Nevertheless, the country exhibits high degree of socio-economic deprivation and exclusion with more than 302 million poor people, almost 46 per cent of the children below 3 years suffering from malnutrition, about 304 million illiterate persons, declining child sex ratio, and low level of human development reflected in HDI at 119 among 169 countries.
In addition of the bewildering gender, income and rural-urban inequalities, poor social immobility and weak delivery systems of essential social services at the grass root level, the country witnesses slow agriculture growth with the informal sector characterized by low productivity and minimum skills employing about 90 per cent of workers, and mass corruption. The other socio-political problems such as religious intolerance, riots, political-bureaucracy-business nexus etc. afflicting the common man as placed in the multi-lingual, multi-ethnic, multi-religious society of India and its economy structured on principles of the central planning and liberal federal political economy are equally serious.
Thus, the socio-economic transformation and human development in India is not commensurate with its growth profile, putting a question mark on the on-going development process. Seen in the current global development context arising out of climate change, rising international crimes, terrorism and finance crisis, and with the emergence of multi-lateral international institutions of governance, globalization offers both opportunities as well as the serious challenges to developing countries including India.
Keywords: Globalization, India, Inclusive Growth, Poverty, Sustainable Human Development
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By Pyar Singh