Factors that make a country developed are income per capita, industrialization and human development index. Income per capita is defined as the measurement of the amount of money earned per person in a certain area. It can apply to the average per-person income for a city, state or a nation, and is used to find the standard of living of people of the respective region. That is why income per capita is first factor to determine the economic health of a country. Industrialization is another major factor. Industrialization is universally defined as the development of industries in a country or region on a wide scale. Increase in industrialization directly impacts GDP of a region because it brings growth to all the three sectors that are service, agriculture and industry itself. In the end it directly impacts product growth, employment growth and infrastructural growth. Third and another most important factor is human development index. Growth of each and every individual in terms of health, wealth and knowledge is the end result. Individual growth will make our society grow, encapsulation of all the civilized societies will upgrade a state and upgraded states in the last will bring national development.
The Study of Indian growth from 2014 to 2019
After the arrival of Modi government, here is the analysis why the growth is evident in all the three areas of development.
Income Per Capita from 2014 to 2019
As per the CEIC Data, the GDP growth rate is approximately 45%. It is evident that the government from 2014 to 2019 was taking care of industrialization, infrastructural growth, Agriculture and rural India. As a result our total GDP is now approximately equal to United Kingdom. Today, UK is slightly higher than India in terms of economy. India is currently sixth largest economy in the world but expected to become fifth largest economy by surpassing UK in 2019-20. India has already crossed France which is another developed country in the world.
Industrialization: Modi Government should take care of
Modi has done great job by making India’s effective presence in the world. India is now in the center stage of world economics and political talks but Industrialization is one factor that India is still struggling but growing like an elephant. Too much population increases competition within India for job, opportunities and agricultural aspects. Though in previous governments, India has faced set backs and great loss many times which due to corruption that has now been prevented. Make in India, brands like Tata, Reliance, complete IT industry and even Patanjali, makes India, sixth most advanced technology driven country in the world. It is fifth Highest country with Industrial Outputs. This achievement clears the India’s path to be one of the developed nations globally.
HDI: Employment, Living Standards and Education
India is highly cultured and richly diverse, that is why standard of living is solely directly proportional to the culture even though, India needs to cover long distance to come in top 50. India ranked 130th among 180 countries in HDI. India has highest number of population from 18 years to 40 years, but many of them are either less qualified or lacking in skills or don’t have job with good income. Increase in population is primary factor for this government should take healthy steps to control it. Also, many universities are still giving degrees but skill is still lacking in them, more than 50% of MBAs are into clerical jobs instead of being a manager in a company. Prime Minister Narendra Modi now has already taken initiative in skill development oriented schemes. Add to that to eliminate poverty he has started schemes like Ayushman Bharat scheme, Ujjwala scheme, Awas Yojana to fulfill three basic necessities of every individual. These efforts has resulted in positive direction. If India by 2021 will be in top 75 in human development index, India will surely be recognized as one of the developed countries in the world. The efforts that current government is making can easily make definitely NEW INDIA by 2021.