If you want to grow fast, you will have to have a new strategy and continuity.

Harivansh 

Senior Journalist, Deputy Chairman of Rajya Sabha

No country has ever sustained 13.5% annual growth for two consecutive years in history. If India continues with a 13% annual growth rate for the next 18 years, while China grows at 4% annually during this period, then India and China's economies will be at par in 2042. But, can India achieve a sustained annual economic growth rate of 13.5% for 25 years? India has set a target of a 37-38 trillion-dollar economy by 2047.

Today, it is a 3.8 trillion-dollar economy. Traditional methods of work cannot achieve this for India. Traditionally, with the best of politics and governance, a maximum of 7% annual growth can be achieved. The condition is that there is a strong and decisive central government. A visionary Prime Minister. Then, the center, with good policies, can increase the annual growth rate from 7% (average established rate) to 8.5%. If the state governments also coordinate with the center and focus on rapid development and good governance, this annual growth rate can reach 9.5%.

On the days when a Tamil Nadu leader discussed this issue, a few months later, in August 2024, IMF Executive Director V. Krishnamurthy said that if there is continuous 8% growth, India will become a 55 trillion-dollar economy by 2047. He also said that this target may seem ambitious, but it can be achieved.

The center and the states must work together to achieve this. The center is growing at a rate of about seven percent. If the states become more active and participate, this can increase to eight percent. Many experts believe that the active and meaningful role of the states along with the center is important.

World-renowned economist Karthik Muralidharan's influential book was published a few months ago. ‘Accelerating India's Development: A State-Led Roadmap for Effective Governance’.How states can achieve rapid economic development with their available resources is described very effectively in this book. Every state can rapidly write its own destiny of development.

In a meeting with him last month, we asked how the southern states can move ahead rapidly? He narrated an incident... How a newly built state, in just ten years, wrote a new chapter of progress. He said that the finance secretary of that state is very honest. He has been in the same position for the last thirteen years. That means even if governments change, honest and intelligent officers remain in key development positions. They are not transferred immediately. The old, effective development policies also remain. They do not change with the change of governments. He told many such interesting stories. Today, many states in the country are inviting this talented economist from America for advice and suggestions.

(These are the author's own views)

Visionary youth should join politics... Jharkhand will progress

Read part 12 tomorrow...

Courtesy: Dainik Bhaskar

Translated & Edited by: Smita DeyTarafder