India is known for having one of the fastest growing economies in the world. Currently, the growth for GDP within India rests at 4.9 percent, but this is far below its potential.
Similarly to the United States, India is another one of the world’s largest democracies. However, they both also have some of the worst cases of income inequality. In the past 15 years, the net worth of India’s top billionaires have increased 12 times, enough to eliminate poverty in India twice.
The public infrastructure of India is developing at a decent pace, but there are problems that are often left unaccounted for by the Indian government. For example, education in India is a system in dire need of improvement.
According to UNESCO’s Education For All global monitoring report, “At 287 million, India has 37 percent of the total population of illiterate adults across the world.” The report also asserts that the poorest of India will not expect to receive universal education until around the year 2080.
In regards to the specific problems that India faces with education, access and quality are two of the greatest concerns. Much of it is tied to the proper functioning and funding of Indian government, which may not be reliable in certain instances.
90% of people do not continue to college in India, 58% do not finish primary school and 4% never even have the opportunity to start.
The extensive lack of universal education in India also goes on to provide problems for India’s human capital in general. Out of 122 total countries released by the World Economic Forum’s Human Capital Index, India is ranked a measly 78.th The problems India faces may require the nation to make steps toward realizing more inclusive growth and development.
Income inequality ought to be addressed in India for their human capital to rise.
This means core public services including basic healthcare, education and power or water supply must be established by Indian government at multiple levels. Investment in people has proven a successful method to national development. In other words, India still has a ways to go in realizing its full potential.
– Jugal Patel