In the revised 2007 figures, based on
increased and sustaining growth, more inflows into foreign direct investment,
Goldman Sachs predicts that "from 2007 to 2020, India’s GDP per capita in
US$ terms will quadruple", and that the Indian economy will surpass the
United States (in US$) by 2043. In spite of the high growth rate, the report
stated that India would continue to remain a low-income country for decades to
come but could be a "motor for the world economy" if it fulfills its
growth potential. India has lost basic economics which led into many problems.
CORRUPTION
Corruption has been one of
the pervasive problems affecting India. The economic reforms of 1991 reduced
the red tape, bureaucracy and the Licence Raj that were
largely blamed for the institutionalised corruption and inefficiency. Yet, a
2005 study by Transparency International (TI) found that more than half of
those surveyed had firsthand experience of paying bribe or peddling influence
to get a job done in a public office.
The current government has concluded that
most spending fails to reach its intended recipients. A large, cumbersome and
overworked bureaucracy also contributes to administrative inefficiency. India
comes into the list of Corruption countries as no work will be done
without corruption. India's absence rates are one of the worst in the world;
one study found that 25% of public sector teachers and 40% of public sector
medical workers could not be found at the workplace. We can keep a name known
as Corrupt India and a policy should come for anti corruption.
The Indian economy
continues to face the problem of an underground economy with a 2006 estimate by
the Swiss Banking Association suggesting that India topped the worldwide list
for black money with almost $1,456 billion stashed in Swiss banks. This
amounts to 13 times the country's total external debt.
EDUCATION:
India
has made huge progress in terms of increasing primary education attendance rate
and expanding literacy to approximately three-fourth of the population.
Education helps to increase the trends in the future. India's literacy
rate had grown from 52.2% in 1991 to 74.04% in 2011. India had a mixed
economy. The right to education at elementary level has been made one of
the fundamental rights under the eighty-sixth Amendment of 2002, and legislation
has been enacted to further the objective of providing free education to all
children However, the literacy rate of 74% is still lower than the worldwide
average and the country suffers from a high dropout rate. Further, there exists
a severe disparity in literacy rates and educational opportunities between
males and females, urban and rural areas, and among different social groups.
ISSUES AND TRENDS
