With India becoming the 5th largest economy in the world, the Government is fully focused on the creation of jobs as well as ensuring the equitable distribution of wealth while it has been addressing the key areas to ensure that the economy keeps growing. Creating jobs, and not letting the accumulation of wealth within the system, will go a long way in ensuring that the country’s economy remains on the path of growth because it has always been these internal factors that thrust the accelerator of growth. And that is what India is eyeing currently; it is going to be the same domestic well-being that will further improve the economic stats of new India.
The absence of jobs causes brain drain and as per figures, every year, India is losing the skilled workforce, which, in the absence of job avenues moves out where their skills are in demand and are also paid well. It is in the same light that recently just when the pandemic hit India, several start-ups were left with no option but to wind up because the economic conditions became so difficult that there was no flow of money while they also did not receive any financial assistance from the Government. Keeping that in view, if the Government is focusing more on job creation, as the Finance Minister, Nirmala Sitharaman has said, the same will not only play a great role in strengthening the economy but will also save the country of the brain drain—a great loss to the country—which has been taking place silently over the last few years.
What is more visionary and pragmatic on part of the Government, especially the brain behind it, the Finance Minister, India is also eyeing keenly to work more with the US and it going to be the same which will push the Indian economy further ahead and that happened on a full scale, there is every possibility of the country becoming the third largest economy in the next few decades. More so, with increased partnership, the US and India are on the way to being the two financially powerful power centers of the world while India, together with the US, has set a target of contributing to 30 percent of the Global GDP. To achieve the target and to step ahead further, India needs to keep the domestic stats up and healthy which include inflation as well apart from other parameters which hold the key to the overall progress and further growth of the already thriving Indian economy. What is unique to the economy of the country is that it has its roots in the idea of ‘Atmannirbharta’ which has gained pace in the last few years and it is going to be this self-dependency that will do the magic.
