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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

The chapter examines the strategic thrust that India needs to create enough jobs in view of its large population and grow at a respectable rate to provide a comfortable living for its people. One crucial aspect of this thrust is the promotion and encouragement of large companies to become globally competitive. This is feasible if all factors of production, that is, labor, land, capital and technology, are simultaneously addressed, making it easier for companies to take the risk, make investments and grow competitively. At the same time, India must encourage entrepreneurship to spread industrial culture far and wide, and open the door to innovation. India needs both large companies and small enterprises to create an industrial society for growth and prosperity.

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Subhash C. Jain and Ben L. Kedia

The strategic thrust depicted in the previous chapters can only succeed if four foundational pillars are in place. These pillars or levers for action are: emphasis on technology; advancement of women’s equality; organized urbanization; and enhancement of education at all levels. India is fully aware of the importance of these factors, and the current government has been taking steps to advance its strategic thrusts. It has taken a number of bold initiatives, and it is hoped that the pattern will continue in the future.

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Subhash C. Jain and Ben L. Kedia

In 30 years, India will celebrate 100 years of independence. Based on where the nation stands today, it is reasonable to assume that in 2047, it will be counted among developed countries. India’s economy is set to become the third largest in the world behind the United States and China. Indians, by and large, are enterprising people and have a fascination for technology. With dynamic leadership, India should be able to realize its dreams for the future. The country has a free road to travel. However, there are obstacles that India must cross, both external and internal. India is located in a tense neighborhood surrounded by expansionist China and unstable Pakistan. Internally, a number of potholes may derail India’s progress such as the Naxalite insurgency, the spread of populism in some states, widespread corruption, growing inequality among the masses and dire environmental decay. Even with these problems, India’s future looks bright.