Reviving the pulse of Indian economy

A screenshot from a session

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In terms of its economy and democracy, India’s achievements easily overwhelm those of its comparable counterparts. While the success of India’s democracy can be attributed to the national institutional commitment towards a modern and a comprehensive constitution, the economic success can largely be attributed to the economic reforms of the early 1990s and partially to the success of democracy itself. In just about 3 decades (starting 1990) its democracy and economy have transformed India, in ways not thought of.

In 2020, India aims to swell its economy to 5 trillion dollars and to outgrow its European and Asian counterparts. From easing norms for setting up and doing a business in the country to setting up a simpler tax regime, the government has undertaken a slew of measures to strengthen the national economy. However, critics claim that the measures are not enough. Their argument is that the current measures would only skew and polarize the economy in favor of those who are already rich. One of the more popular arguments is for reviving the rural economies which were largely ignored post economic reforms.

One of the more significant developments flowing out of the economic reforms was the transition of the Indian economy from a primary-sector based economy to one based on the service sector. For several years now, the Indian economy has been powered by the boom in the demand of the Indian services. However, in the current state of pandemic, it is agriculture that has displayed resilience and that offers the Indian economy the much-required hope of resurrection.

Acknowledging the relevance of agriculture in the India after Covid, the second part of the Atmanirbhar Bharat webinar series was dedicated to understating and proliferating innovations and developments in the agriculture sector. The speakers ranged from state officials working closely with farmers, to innovators trying to reduce the distance between the farm and the market. The importance and the mechanics of Farmers Producer Organizations (FPOs), the nature of government and non-government interventions required, and the quality of materials to be marketed were some of the topics discussed over the 5 days.

The advocacy of reforms in the rural economy has gained significant strength over the last few years. From revising the 73rd Amendment Act to de-incentivizing out-migration, several solutions have featured in the policy level discussions. As the economy continues to suffer due to Covid19 and as a sizable chunk of the migrants return to their homes (to their villages), the advocates of rural economy are likely to achieve consensus on the need to refocus on rejuvenating the rural economy. The Atmanirbhar Bharat Webinar Series by Mr. Pradeep Singh is aimed to diversify rural livelihoods and to strengthen rural economy by providing knowledge about alternate vocations. It seeks to undo the knowledge asymmetry that continues to disadvantage the rural.

To be a part of the sessions please contact Mr. Pradeep Singh (+919198715132)

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