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Another round of reforms to stimulate growth

As India celebrates its 66th Independence Day on August 15, it is a proud moment for Indians across the globe.

The struggles and sacrifices made by the freedom fighters gained India independence from the British rule. In its independent existence, India, home to more than 1.2 billion people, has made tremendous progress.

But a lot still needs to be done.

The world’s biggest and greatest democracy goes to polls early next year. Perhaps the most important elections in a generation; these will define the direction India takes in its quest to build a society which provides equally for all.

Graft hurts

The ruling coalition of United Progressive Alliance (UPA) has been besieged by a series of allegations of scams and economic mismanagement. Bharatiya Janata Party (BJP), looks like a disjointed front.

What is clear is that these elections will be fought on the plank of development.

Indians in India have realised the menace of corruption and their most effective tool to improve the state affairs is to vote people with integrity into power. Corruption is the biggest impediment to development, weakening the moral fabric of a country.

Human Capital

Another ill plaguing Indian society today is illiteracy. Human capital is the biggest asset for a nation. When nearly 25% of Indians cannot read or write it is a major cause of concern. The founding fathers of the Indian Constitution had envisioned a society in which the power of knowledge empowered the masses.

India’s education system looks like an entity of two halves. Where the top institutes in medicine, engineering and management are producing individuals making a mark in the world; many young people do not even have access to basic education. More emphasis is required in strengthening the educational systems in villages.

Economic reforms

A major factor propelling India’s growth story were the economic reforms enacted in 1991.These freed the nation from the clutches of the License Raj system and opened the doors for the country’s economic growth.

But India has not been immune to the Global Financial Crisis. Economic downturn has been compounded by inflation and other factors.

What is required is another round of economic reforms. These can give impetus to GDP group and arrest the falling value of the Indian rupee.

In spite of these challenges, no one can ignore the outstanding achievements registered by India, and Indians in all spheres of life. With 65% of the population less than 35 years of age, India has one of the youngest populaces in the world.

Indians today are global citizens, well versed in the manners of the world, but keeping their traditions and culture intact.

It is this power of youth, ably guided by the experience of the elders that will help India scale greater heights as a nation.

Photo :

India is unquestionably a major world power but its house needs to be in order. Air Display at Republic Day Parade, Delhi 2013

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