Syllabus: GS-III
Subject: Economy
Topic: Industry and Industrial policies
Issue: Industrial Policy
- India is dealing with industrial stagnation and unequal growth.
Challenges to Growth:
- Traditional reliance on manufacturing-led growth not yielded desired results.
- Continuing rise in unemployment.
- Increasing trade deficit: a reliance on imports.
- Services-driven growth doesn’t absorb labor effectively, leading to inequality.
Education Disparities: The quality divide in education gives to inequality, benefitting the elite over rural and small-town graduates.
Way forward:
- India must prioritize deep industrialization along with service sector growth to foster inclusive economic development and societal transformation.
