Economic Growth in India
7.December.2017
Action Item
Read the following Global Citizen article to learn more about development in India’s renewable energy sector.
“India Turns On World’s Largest Solar Power Plant”
This Week’s Conversation
Introduction
To kick off forum this week we discussed the many different way growth can be defined for example; population growth, economic growth, and growth in the Human Development Index. We then went over the distinction between economic growth and economic development. While economic growth measures only growth in economic production (GDP), economic development looks at Improvements in living standards and in the quality of life measured through literacy rates, maternal health, life expectancy etc. After examining some of India’s current indicators including per capita GDP, aggregate literacy rates, and average life expectancy we concluded that India is experiencing improvements in both economics growth and development, and that the two are very closely related.
To examine the sustainability of growth in India we took a closer look at which sectors were expanding. Data showed that the services and industry sectors are on the rise in India while agriculture is experiencing a decline. This sectoral shift is something commonly seen in emerging economies, and is promising for the long term sustainability of growth.
The caste system, a hierarchy that splits the population into groups, plays an important role in India’s economics. The caste system was a large part of the history of India and was used by colonialists to gain control over the area. The caste system is now a part of a large loan system in rural India, in which caste members give loans to those who received a lower annual income in their caste. This system holds those reliant on loans in the rural areas they have been receiving loans in, and can impact urbanization in India.
The environment can also impact India’s economic growth. In a time when carbon tax and other environment related taxes are popular, India, like many other countries, pays large sums of money due to some unsustainable practices, which may constrain India’s economic growth.
Takeaway
India has an up and coming economy affected by many factors, including the environment, culture, and history of the country. It is important to consider how historical systems, colonialism in India, and environmental impact plays into today’s economics.
Get Involved
If you’re looking to get involved with economic development in Inida on campus here are some clubs to check out!
Think about becoming a QPID intern next year in India
Look into economics clubs on campus to learn more about economic development
Queen’s Economics Case Conference (QECC)
Queen’s Economics Affairs Society
FORUM: TUESDAYS @ 5:30 / JOHN ORR, JDUC
Our Goal
“Our goal with forum is to provide a safe, informative, judgement free space to discuss a variety of issues within development. We want everyone who comes to forum to feel comfortable expressing themselves in whatever way they see most fit. No question is too simple or too complex and you will never be judged for trying to grow in your understanding. While it is important to recognize that words carry with them a certain weight, it is also crucial that we remember everyone here is coming from vastly different backgrounds with varying degrees of development knowledge but that we all share a common desire to learn, grow, and make a difference.”