When NaMo invited the SAARC nation’s top authorities at his swearing-in ceremony he had hit a first-ball six setting an example of out-of-the-box thinking. Something that no PM has ever done before. His, latest endeavour, Pradhan Mantri Jan Dhan Yojana aimed at financial inclusion, also accentuates his out-of-the-box thinking. His “Make-in-India” call has already set the ball rolling in the court.
This blogpost is in continuation with the first post of the series “What Young India wants from NaMo”
But much is still left to be done and achieved in our economy where employment is suffering and investment has been quite sluggish. But this shouldn’t cloud the fact that this was the only economy which grew at 9.5% in 2005-06, followed by 9.6% and 9.3% in the subsequent two years.
Can our economy grow at a sustainable rate of 8-9%? Or,
Is the growth rate achieved in previous years was just a one-off event and not robust? – Definitely not
Around 242 years ago, the father of Modern economics Adam Smith stated that in the 21st century two economies will be global superpower namely China and yes you guessed it right India. China has already emerged as the fastest growing economy but the prediction is not coming true for our motherland. Due to obnoxious performance of the previous government – or should I say the lack of it – our economy had taken a nose dive.
Keeping politics at bay, our new elected government should focus on basic governance and say yes these are the things to be done like we need to get the roads working, power supply working et al. They should have a particular time frame and be more consequence and goal oriented.
Now since my blog is focussed on out-of-the-box thinking, an anecdote to this can be “MAKING THE YOUTH JOB READY” which is very much indispensable for job generation and future development of our economy. I believe skill development can go a long way in our overall economic development. Our growth rates have been at decadal low levels and this incontrovertibly calls for skilled labours for boosting our manufacturing sectors.
There is an organisation named National Skill Development Corporation in New Delhi and if we focus on vocational training of our youngsters then it can get the growth meter going. Here is a wonderful roadmap on how this can be achieved:
“The addition of vocational education to school curricula will lead to an improvement in the skills of the students. If 100 students are trained in competency-based skills, 50 to a batch, thrice a week for three hours a day for 48 weeks in a year, at least half a million will be trained every year. If each of these students, assumed poor, is provided Rs 50 a day to take care of travel and food for the period of the programme, the grant required will be Rs 720 crore per annum. With the annual grant provided to institutes that train these students estimated at Rs 150 crore, the total project cost will be to the tune of Rs 870 crore per annum. This is a small sum given the potential benefits”
“This model is suggested by model suggested by S.S. Mantha, Chairman of All India Council for Technical Education (AICTE)”
Following this model will definitely lead to skill development which is undoubtedly one of the basic agenda of Modi’s 5-days visit to Japan.
Watch out folks for the PART III: “The magic wand to control inflation”…
This wand will spread magic soon