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Subhash C. Jain and Ben L. Kedia

The critical aspects of growth in India are described. First among them is the creation of jobs, which is examined in this chapter. India must create 10 million jobs annually. For this to happen, manufacturing is the key to prosperity. It leads to economies of scale, impacts innovation and has a multiplier effect on the rest of the economy. For India to boost manufacturing, it must pursue a variety of strategic steps such as the overhaul of labor laws, simplifying land acquisition, providing tax incentives, encouraging foreign investment and other innovations.

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Subhash C. Jain and Ben L. Kedia

The chapter focuses on four aspects of economic growth: enhancing agriculture and farm productivity; building and improving basic infrastructure related to transportation, communication, energy availability, networks and bureaucratic efficiency; strengthening education at all levels, from primary schooling to higher education; and emphasizing innovations to make the most of limited resources. If these aspects are addressed adequately, India will be able to achieve its growth objective in a short time frame and join the ranks of developed countries.

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Subhash C. Jain and Ben L. Kedia

India must pay attention to four supporting factors in addition to the areas elaborated in the previous two chapters to achieve its economic aspirations. These include provision of basic services to the citizenry such as food, drinking water, sanitation, housing, energy, health care, education and social security; strengthening the rule of law; encouraging competition among states, and public-private enterprises; and promoting India’s cultural heritage. India can learn from the experiences of other nations, particularly the United States, to realize its economic endeavors. But at the end of the day, it must develop its own unique solutions to make headway on all fronts.

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Subhash C. Jain and Ben L. Kedia

This book traces the history of India’s progress since its independence in 1947 and advances strategies for continuing economic growth. Insiders and outsiders that have criticized India for slow economic growth fail to recognize all it has achieved in the last seven decades, including handling the migration of over 8 million people from Pakistan, integrating over 600 princely states into the union, managing a multi-language population into one nation and resolving the food problem. The end result is a democratic country with a strong institutional foundation. Following the growth strategies outlined in the book and with a strong leadership, India has the potential to stand out as the third largest economy in the world in the next 25 to 30 years.
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Subhash C. Jain and Ben L. Kedia

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Subhash C. Jain and Ben L. Kedia

The introductory chapter outlines the purpose of the book. As India gained independence, it faced the problem of economic development as well as a number of social and political problems which had to be addressed right away. Overall, India in the last 70 years of its independence has done remarkably well although it failed to realize its full potential in economic growth. This book argues that with free market policies and strong leadership, India could advance economically, thus benefiting all sections of the society.

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Subhash C. Jain and Ben L. Kedia

Political pundits and intellectuals, both in India and elsewhere, wondered if India could survive as a democracy given its huge diversity. But despite the challenges, it did. The chapter pinpoints major aspects of India’s success. Firstly, leaders who fought for India’s freedom continued to be active for a long time in post-independent India establishing a strong foundation for a democratic society with an appropriate institutional framework. Other factors include pluralism of religion, linguistic organization of states, administrative setup of the government through the selection of intelligent and capable individuals who kept the army away from politics, Hindi cinema and Bollywood movies which people enjoyed immensely throughout India, free mobility of people throughout the country, emerging communications technology and a common passion by Indians for the game of cricket. They have all been instrumental in maintaining the unity of the country.

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Subhash C. Jain and Ben L. Kedia

After independence, India had to promptly resolve three issues. First was the identity of the country, that is, what is India? Unlike other nations, India could not be identified by a religion or a language since its people belonged to different religions, spoke different languages and belonged to different castes. The leaders settled with the title Republic of India to encompass all people despite diversity. The second problem was the relocation of more than 8 million people who migrated from Pakistan. The third concern was the integration of more than 600 princely states into the Republic of India. Difficult as they were, all these challenges were successfully addressed and resolved.

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Subhash C. Jain and Ben L. Kedia

After independence, India successfully established a secular state with diverse cultures, religious traditions and languages. Independent India is unique and does not have the characteristics of a typical nation state. It represents oneness in the hearts of all people despite diversity of various dimensions. After independence, a major problem that the nation had to address was extreme poverty and economic development on all fronts became a major goal. While examining various development aspects, Indian leaders decided to seek economic prosperity through a planned effort. A new body called the Planning Commission was established to systematically create a five-year plan to undertake different programs for economic progress. It was also decided that public sector companies would play a major role in the industrial sector especially in the development of basic industries, such as steel, machine tools, aerospace and others.

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Subhash C. Jain and Ben L. Kedia

Until 1991, India continued to follow the model of economic development where state planning and public sector enterprises were the levers of growth. This model delivered a dismal growth rate of 3–4 percent. At the same time, regulations on all fronts prevented India from becoming part of the global economy. In 1991, the government, forced by a shortage of foreign exchange, liberalized the economy. The reforms had a tremendous positive impact, both economically and politically. The economy grew at a decent rate, creating opportunities in all sectors. Yet, considering the size of India’s population, many more reforms are needed on a continual basis. For example, inefficient firms must be eliminated. Corruption must be controlled. As India stands today, it looks to current Prime Minister Modi to take bold steps in leading the country to abolish poverty, and creating a substantial middle class.