D. Indian Economy and issues relating to development
India has experienced rapid economic growth in recent decades, with GDP per capita more than quadrupling since 1991. However, the country still faces several challenges related to development.Â
Some of the key issues are:
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Poverty |
Despite significant progress in reducing poverty, it remains a major problem in India. According to the World Bank, about 21% of the population lived below the poverty line in 2020. |
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Income inequality |
India has one of the highest levels of income inequality in the world, with a large gap between the rich and the poor. This can hinder social mobility and contribute to social tensions. |
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Unemployment |
Unemployment remains a challenge in India, especially for young people and those with lower levels of education. The country’s labor force is growing faster than the number of new jobs being created, which has led to rising unemployment and underemployment. |
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Environmental degradation |
The rapid pace of economic development has had negative impacts on the environment, including air and water pollution and deforestation. This can harm the health of the population and hinder long-term economic growth. |
To address these challenges, the Indian government has implemented some policies and initiatives aimed at promoting sustainable and inclusive economic growth. These include measures to improve access to education, healthcare, and social services, as well as efforts to reduce pollution and protect the environment.