A billion rupees saved is equal to a billion rupees earned. Several billions of rupees can be added to India’s wealth by unearthing unaccounted money. Several trillions of rupees can be earned by expanding international trade. Furthermore, if every Indian is sensitized, motivated, facilitated, and mentored with effective financial education, our economic growth would be unstoppable. Despite numerous internal and external challenges, India’s economic growth has been phenomenal. Yet, there are still miles to go before we achieve the position of the world’s number one economy.
India enjoys a demographic advantage. However, due to constraints such as limited opportunities, insufficient skill-based education, a large number of first-generation learners, the attitudes of some foreign countries, and limited availability of resources, we are unable to make the best use of our human capital. The consequence is that the volume and speed of our economic growth remain limited.
These challenges need to be addressed on a war footing with the cooperation of all stakeholders. Possible solutions can be categorized as political, social, cultural, and economic. Internal and external conflicts must be avoided or at least minimized. There is a dire need to crush illogical and sponsored movements of terrorism and extremism. Illegal migrants should be deported to their countries of origin. The wholehearted cooperation of all political parties and all sections of society is essential for the peaceful and complete achievement of this herculean task.
Exact data on the categories and volumes of our imports and exports should be shared with entrepreneurs and future aspirants of entrepreneurship. They must be motivated, facilitated, and mentored with available opportunities and incentives to reduce import dependency and further increase exports. Entrepreneurship should be part of the college syllabus. Greater efforts to save energy should also be encouraged and facilitated.
No bird can fly with one wing. Relevant subsidies and developmental activities are essential for achieving sustained developmental goals. However, prioritization and rationalization are inevitable. It would be beneficial if appropriate laws were enacted to address these issues.
The unaccounted wealth of some Indians, hidden in various forms within India and abroad, must be brought to light through the strict enforcement of laws and by leveraging our diplomatic strength to convince governments of relevant foreign countries.
Increasing international trade in today’s competitive world is a real challenge. Pressure tactics such as increased tariffs by countries like the USA, and strategies like China’s Belt and Road Initiative targeting our neighboring countries and others, pose significant challenges. However, several effective measures—such as increasing gold reserves, encouraging trade in local currencies to reduce dependence on the US dollar, strengthening the Chabahar port, signing free trade agreements with various countries, and reinforcing trade relations with nations like Afghanistan—are yielding positive results.
Despite heavy pressure from various countries, India’s purchase of discounted oil from Russia, its refining, and export to other countries symbolize the success of our independent foreign policy. Strengthening SAARC is essential for the multi-pronged development of all its member nations.
The fact that the dynamics of international trade change rapidly cannot be ignored. Hence, besides focusing on increasing international trade, it is obligatory for every citizen to acquire knowledge about attaining financial freedom. Therefore, financial literacy should be encouraged as a mass movement. Policymakers, teachers, knowledgeable citizens, non-governmental organizations, and various media platforms can play a decisive role in this noble cause. With continuous efforts by all stakeholders, India can achieve the status of the world’s number one economy in the near future. Hence, there should be no room for complacency among any of the stakeholders.
