On October 15, 2019, As per the World bank (WB), India has halved its poverty rate since the 1990s, the situation has improved significantly and has achieved economic growth rate of over 7 percent in the last 15 years.
i. Along with this, there are many challenges in the path of development journey of the country that it will have to improve the efficiency of resources for this.
ii. Agricultural productivity: The land will have to be used better through community economy in urban areas and by increasing agricultural production in rural areas.
iii. Policies have to be made regarding water: India would need policies to allocate water for more value-added use, for better water management and to increase the value of water use in different regions.
iv. Power generation: 230 million people are not well connected to the electricity grids. India will also have to increase power generation with low carbon emissions.
v.Employment: India’s rapid economic growth will require an investment of $ 343 billion in infrastructure, estimated at 8.8 percent of GDP (Gross domestic product) by 2030.In addition to this, inclusiveness has to be increased for sustainable growth, especially to create more and better jobs.
vi.Challenges: It is estimated that 1.30 crore people are entering the employable age group every year, but 30 lakh employment opportunities are being created annually.
Along with this, India is the reduction in the number of women workers. They constitute 27 % of the workforce, which is one of the lowest in the world.
About World Bank:
Motto : Working for a world free of poverty
Formation: July 1945
Headquarters : Washington, D.C, U.S (United States)
President: David Malpass