India goes to polls again after five years to reflect its readiness and decisiveness towards growth and prosperity. India, after over seventy years of independence has shown the power of electoral polls and has toppled many governments to choose its recourse to higher paths of growth and development. Although there is no doubt that we have grown to compete with the world standards but the wise choice is to render the country’s well being to the highest bidders.
Although there is a lot of debate regarding whether there has been growth and the government’s efforts has been effective, the metrics of growth is evident. Without going into too much of economics and econometric analysis, few common observations can make you understand that there has been growth.
There has been an increment in the absorption of office spaces in the last few years with Colliers International report stating that office space absorption in the last eight months has increased by 26%. This can indicate that there has been more job creation than last year. Even the rural economy also shows progress in various ways. Last year Sonali Contractor sold 100,000 tractors and Mahindra & Mahindra and Escorts registered an all-time high of tractor sales. This indicates the rural economy is certainly on a faster growth trajectory. Maruti Baleno has four months waiting period which indicates consumers have a lot of purchasing power in their hands.
Tata Motors’ production of commercial vehicles is at an all-time high at a record level and this clearly indicates that the economy is growing. The FMCG companies like Unilever, ITC, and Dabur also registered growth in the sales in rural India denoting increment of purchasing power by rural India. The automobile sale in 2018 was a whooping 2 crores as against 1.7 crores vehicles sold in China. The official statistics say that the economy has caught up with a growth trajectory of 7%.
The analysts say that it took 70 years for India to reach the mark of 2.5 trillion dollar economy but it will take 7 to 8 years to reach the mark of 5 trillion dollar economy. This means that the growth and the money generated in the last seventy years should be made in the next seven to eight years. China has taken 5 years to double the growth of the economy and it took 10 years for the US to do the same. India is supposed to take 7 to 8 years to accomplish the estimated target. The gross national income per capita of China reached $8,690 in the year 2017 whereas India trailed at $1,800 in the same period. The analysts say that China has been on double-digit growth from the last two decades and so India has also to maintain such double-digit growth for its living standards to catch up with China.
The poorer half of China witnessed a growth of income that quadrupled in the last 34 years but in contrast, the income of 90% of the Indians have failed to match that or even double during the same time period according to the study of World Inequality Report released in 2018. As agriculture makes for only a mere 15% of the GDP of India, the nation needs to stress more on industrialization to promote higher growth.
Economists opine that numerous reforms in the economic laws, labour legislature, and financial reforms are required to boost entrepreneurship and put India on a sustainable growth path. India goes to polling this year! The choice is in the people’s hands to choose a government that is not only able to take India forward but is steady and stable enough to meet the odds and guide the country to a more faster growth trajectory. It’s us who would decide it. Let’s make a wise choice to make our motherland a superpower sooner or later.