With the global economic growth slowing down India is now at the brink of taking the advantage of global investment destination and a faster economic growth. The possibility of realization of a dream that is 70 years old. But the opportunity also creates huge challenges to be addressed by the country as a whole.
The earlier leftist/ liberal governments under Congress/ UPA were not successful as expected due to implementation inefficiencies.
Whereas the present right wing/ conservative government under NDA may trigger faster development but with a greater vulnerability of increased socio economic inequalities. I am really skeptical about the trickling down economic theory benefits. As per recent Oxfam studies on inequality 8 persons own the same wealth of bottom 3.6 billion poor people. The pace of sucking up of wealth is much much higher than that of trickling down.
In this scenario both left and right wing approaches are dangerous and we either miss the bus or leave more than half the population as destitute. We lay at a challenging juncture to win over the game through smart play.
Over the past 70 years we failed to include majority of population in development process due to the politics that played around socioeconomic aspects. The basic needs of education and health had gone out of government control, Crony capitalism and lobbying crept into industrial policies, Rural economy crippled, agriculture distorted and ignored. As a result only few could enjoy the fruits of post liberalization development process. Majority of the human capital has been left behind with inefficiencies.. incapacities.. incapabilities for the benefit of few. One should not forget India do not fare well in any of the human development indicator.
As long as we do not correct this situation and bring out majority of disadvantaged sections into the main stream, any development policy under the pretense of a faster economic growth is going to be a gross mistake.
While we cannot miss the bus, we too cannot ignore the social realities that exist in India. A grass root level socio economic reformation coupled with self sufficiency in rural economy is very much required. This is a real big challenge where one need to tackle many opposing forces in the way. And the same may slow down the development process too. A conscious decision is to be taken in every step. Like the world believes in climatic perspective in any economic activity, every policy or law or investment also need to be critically seen with a social perspective. A majority of common population should always have the advantage. A real development means an inclusive development.