Thirty years ago, India was considered by many to be the poster child for global poverty, with what the CIA World Factbook described as “environmental degradation, extensive poverty and widespread corruption.” However, in the decades since, India has grown tremendously, threatening to eclipse existing global superpowers, in fact, the country is projected to become the world’s third-largest economy by 2025. Here are five reasons for the rapid pace of development in India:
5 Reasons for the Rapid Pace Development of India
- Risk Management in Farming – Farmers are the backbone of a thriving society. However, the field of agriculture is full of risks, as bad crops, bad weather and other unexpected circumstances can lead to ruin for a would-be farmer, particularly in a country like India, which experiences ongoing monsoons that can completely ruin a farmer’s crops. This is why India has begun to implement risk management programs that insure farmers’ crops against monsoons and other disasters, a practice common in developed countries. When the Indian government implemented the PMFBY risk management scheme in 2016, the country saw the market premiums for agricultural goods increase by 300 percent.
- Quickly Growing Cities – A large part of India’s development has taken place in its cities. Two-thirds of the economic growth of the country comes from its cities, which are projected to have economies the size of small countries by 2030. This is largely due to the large influx of new citizens to the cities, which is projected to add 300 million residents by 2050. This comes at the cost of tremendous overcrowding in the cities, but India is working to develop new methods of urban sustainability that will keep the growth provided by its massive cities going.
- Investing in Renewable Energy – When India began to take off as a world power, the country was able to quickly develop its energy systems due to a rapid and early adoption of renewable energy sources such as solar and wind energy. This is because, due to the lack of preexisting infrastructure and the country’s sunny climate, it is cheaper for the Indian energy industry to harness solar energy than to harness energy from coal and gas. Today, solar energy alone makes up 30 percent of the energy produced in India and has the capacity to produce 30 GW of power in 2019. This access to cheap and reliable energy has helped India’s development by allowing the country to power its cities and even export energy to other countries. With that said, many households in India still lack access to electricity, which has caused many in the country to criticize the government’s export policies.
- Increased Focus on Breastfeeding – Although this point may seem oddly specific, it is vital to India’s development. The ability of children to breastfeed has been shown to improve their overall nutrition and reduce child mortality. Over the last 10 years, the percentage of babies who are breastfed in India has increased from 46.4 to 54.9 percent. This is partly due to a government program called Mother’s Absolute Affection, which works to make mothers and health care providers more aware of the benefits of breastfeeding and the nutritional needs of a developing baby.
- Thriving Tech Industry – In recent years, India has become almost ubiquitously known for being one of the largest tech powerhouses in the world. Most of this growth has been concentrated in start-up companies, turning India into a gigantic Silicon Valley. Of note, Bangalore, India’s biggest tech city, is considered by experts to be the second-fastest growing startup city in the world (behind Berlin) and the country has been rated the world’s top exporter of IT services.
Overall, India is one of the world’s fastest-growing countries and it is because of smart government policies, targeted economic development and stronger social services that help ensure that people aren’t left behind.
– Kelton Holsen