Abstract
In the recent years, the economic stagnation of India has raised grave concern among Indian leaders. They have identified the causes and are taking remedial measures accordingly. However, we think, these curative actions would serve ad hoc, and the Indian government needs to take steps towards the sustainable growth. Many people in leadership have already pointed out that India needs to focus on innovation for its further growth. However, their argument often lacks the justification why innovation is an urgent need for India. India is often compared with China. Some people argue as China has focused on research, India should compete. The statement—other countries are investing in innovation so India should—is neither convincing nor helpful. Therefore, in this paper, we would illustrate the Solow Growth Model in the Indian context, which would provide some convincing insights that innovation is the next required measure for the sustainable growth of India.
Highlights
On August 28, 2013, the rupee hit an all-time low of 68.70 against US dollar
Since India’s independence in 1947, it took three key measures: 1) agriculture—the green revolution; 2) technology—information technology revolution; 3) management—liberalization, privatization, and globalization. These measures kept fueling Indian economic growth; the time has come to think towards the fourth corrective actions, which is innovation
We argue that the mere statement or comparison, other countries are investing in innovation so
Summary
On August 28, 2013, the rupee hit an all-time low of 68.70 against US dollar. The rupee has lost almost 20% of its value in 2013 and is one of the world’s worst-performing currencies [1]. Since India’s independence in 1947, it took three key measures: 1) agriculture—the green revolution; 2) technology—information technology revolution; 3) management—liberalization, privatization, and globalization These measures kept fueling Indian economic growth; the time has come to think towards the fourth corrective actions, which is innovation. The use of high-yielding varieties of seeds, increased use of fertilizers, and improved irrigation facilities collectively bettered the condition of agriculture by increasing crop productivity, improving crop patterns, and strengthening forward and backward linkages between agriculture and industry This Green Revolution was not all of sudden; instead, it involved focused efforts of Indian (earlier Imperial) Council of Agricultural Research. We explain the growth model, including the identification of growth factors
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