India was an agrarian economy before independence for the destruction of its traditional handicrafts and manufacturing base suffered a huge blow to the British imperial interests lasted for nearly a century. However,67 years after independence, we predominantly are categorised under agrarian economies despite the huge developments in industrial and service sectors in the last few decades.
But why is this so? Simply put,consider this in an example-a boy weighing 80 kgs is running with a 50 kg sack on his head and another boy weighing 40 kgs is running without any burden on him.Now its very obvious that the second boy is the winner in the so called INDUSTRIAL race when you attribute 1st boy to India and the 2nd one as any other industrially emerging country.
A never ending list of goverment clearances, poor infrastructure, inappropriate labour laws, ineffective regulatory mechanisms, scarce investor protection, fragile legal framework ,corruption etc contribute towards the pivotal reason for World bank’s ranking of India as 134 in the ease of doing business among 189 countries across the globe while our neighbouring China hits the top charts with a rank of 16.
However, for any country to prosper economically and otherwise, strengthening its core Manufacturing Sector is a must. And for a country like India with a billion plus people,its more a necessity rather than a need. The repurcussions can be seen in high GDP which inturn escalates growth,employment. Additionally, our Trade deficits come down and have a huge socio-economic impact that directly contributes to high HDI meaning that India is a prosperous country.
All these are not theoritical conclusions as we can see them top on the agenda of corporates and the government’s interest in allocating huge funds for STARTUP VILLAGES,infrastructure, and last but not the least-the MAKE IN INDIA slogan by the Prime Minister. The sprawling up of many a small and large talented entreprenuers like that of Mukunda Foods combining technology with food is a great example for the visibility that India is going to hit the top charts in the ease of doing bussiness index soon in the years to come.