Why India needs deep industrialization

La Excellence IAS Academy

Why India needs deep industrialization

Current Affairs Daily Editorials

La Excellence IAS Academy | February 14, 2024 | Economy

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.

Source: The Hindu

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