A step towards economic progress and inclusive development: Rajiv Bhardwaj
We have to move ahead with the resolution of 100 years of India’s independence and progress towards becoming a developed nation. Addressing the public during a public relations program in his assembly constituency, Bharatiya Janata Party Kangra Lok Sabha candidate Rajiv Bhardwaj said that India will complete 100 years of its independence in the year 2047. Prime Minister Narendra Modi has resolved to make the country a developed nation. He said that the main measure of the development of any nation is its economic progress. Currently, India’s per capita income by the year 2024 is about $ 2,700, while the purchasing power capacity per person is about $ 10,120. India’s total GDP is $ 3.9 trillion ($ 14.6 trillion on the basis of PPP), which shows the economic strength of the country.
Bhardwaj said that the Economic Survey of 2018-19 estimated that India needs 8 per cent annual growth to become a $5 trillion economy by 2024-25. Although the COVID-19 pandemic affected this plan, India’s economic aspirations remain intact, which are focused on sustainable and inclusive growth. By 2047, per capita income is estimated to reach $10,000 and the size of the economy is estimated to reach $20 trillion. With this growth, India will be close to moving from the category of a lower middle-income country to the upper-middle-income category.
He said that due to improvements in health services, life expectancy in India is currently 70.8 years, which is expected to increase to 78 years by the year 2047. Similarly, improvements in education are also progressing widely, which will play an important role in the development of the country. Harmonizing the Goods and Services Tax (GST) and including sectors like petroleum and real estate. Splitting GST into three categories of six, 12 and 18 percent. Simplifying personal and corporate taxes. Increasing the share of taxes in proportion to GDP from 18 to 23 percent. Continuity in private sector investment is necessary to maintain the pace of economic growth. Gross fixed capital formation in India is at the level of about 28 percent by the year 2024. It is also necessary to promote exports, which includes the possibility of improving infrastructure, trade agreements and FDI.
Rajiv Bhardwaj said that the labour force participation in India is about 46 percent, in which the participation of women is 23 percent. Removing the lack of formal training through skill development programmes and giving an organised form to the unorganised sector will help in increasing employment security and productivity. He said that urbanisation in India is growing at the rate of 34 percent. Efficient urban body governance and modernisation of land records will increase transparency as well as reduce disputes. Empowerment of local governments is important for inclusive growth, which will promote responsible and accountable governance.
