#2 Write a critical note on challenges to Self-reliance in the context of India's economy.
In an attempt to work on the famous saying of Winston Churchill "never let a good crisis go to waste", India has embarked upon a bold program of Self-reliance in the midst of Covid-19. The program is named 'Atma Nirbhar Bharat Abhiyaan'.
Components of Self-reliance -
Economy, Infrastructure, Systems, Demography, Demand
Challenges in achieving Self-reliance -
1. Economic challenges - land acquisition, complex and rigid labor laws, low investment in R&D, lack of innovation and push towards entrepreneurship
2. Infra challenges - lack of forward and backward linkages for the industry, investment, technology
3. Systemic challenges - tax structure, financial system, supply chains, technology access and use, governance-related red-tapism and complex law structure, financial literacy
4. Demographic challenges - low employability, lack of skills, quickly rushing through the golden period of demographic dividend
5. Demand related challenges - As per Household Consumer Expenditure in India Survey conducted by NSO -consumer spending has declined for the first time in four decades in 2017-18
A clear path to work on aspects related to land, labor, liquidity, and laws will prove to be a big boost to attract investment and serve as a strong foundation of our Make In India program. Promoting local will help revive the demand that will eventually help achieve a Self-reliant India.
#2 Write a critical note on challenges to Self-reliance in the context of India's economy.In an attempt to work on the famous saying of Winston Churchill "never let a good crisis go to waste", India has embarked upon a bold program of Self-reliance in the midst of Covid-19. The program is named 'Atma Nirbhar Bharat Abhiyaan'.
Components of Self-reliance -
Economy, Infrastructure, Systems, Demography, Demand
Challenges in achieving Self-reliance -
1. Economic challenges - land acquisition, complex and rigid labor laws, low investment in R&D, lack of innovation and push towards entrepreneurship
2. Infra challenges - lack of forward and backward linkages for the industry, investment, technology
3. Systemic challenges - tax structure, financial system, supply chains, technology access and use, governance-related red-tapism and complex law structure, financial literacy
4. Demographic challenges - low employability, lack of skills, quickly rushing through the golden period of demographic dividend
5. Demand related challenges - As per Household Consumer Expenditure in India Survey conducted by NSO -consumer spending has declined for the first time in four decades in 2017-18
A clear path to work on aspects related to land, labor, liquidity, and laws will prove to be a big boost to attract investment and serve as a strong foundation of our Make In India program. Promoting local will help revive the demand that will eventually help achieve a Self-reliant India.
I think someone is deleting my comments. Anyway, this is a little off the mark. There are inherent challenges to Self Reliance. 4 Areas Primarily - Energy Security, Defence Procurement, Forex Reserves, and a few more.
Just suggestions. It was covered in Hindu Article 2 days back.
Hey, thanks for the feedback@goldberry. I did not stick to the challenges specifically related to the economy of the country. I'll work on it and also check out the article.
