Challenges Faced by India Inc.
10 challenges for India to reach 2050 potential
“In our latest annual update to our Growth Environment Scores (GES), India scores below the other three BRIC nations, and is currently ranked 110 out of a set of 181 countries assigned GES scores. If India were able to undertake the necessary reforms, it could raise its growth potential by as much as 2.8% per annum, placing it in a very strong position to deliver the impressive growth we outlined,” it says.
Here are the 10 things for India, as outlined by Goldman Sachs, to achieve its 2050 potential:
India’s governance problems overarch all its other problems. Without better governance, delivery systems and effective implementation, however, India will find it difficult to educate its citizens, build infrastructure, increase agricultural productivity, and ensure that the fruits of economic growth are well-distributed.
Governance problems stem from the increasing inability of the government and public institutions to deliver public services in the face of rising expectations. A large gap between physical access to services and the quality of services provided is leading to a citizen satisfaction gap.
Some observers attribute India’s governance problems to its democracy. Goldman Sachs thinks it is the malpractice of democracy—or the ‘democracy deficit’—that is the cause of the problem.
A well-functioning democracy should allow citizens to have more voice in evaluating the quality of services they receive, for governments and service providers to be accountable, and for citizens to pay directly for services received.
Many international observers tend to see education as one of India’s biggest advantages. This is primarily because they tend to meet only the best and the brightest.
It is the case that India has a large number of highly educated people. But it has a population of 1.1bn and probably the highest absolute numbers anywhere globally receiving hardly any education.
There is evidence that the amount of
“In our latest annual update to our Growth Environment Scores (GES), India scores below the other three BRIC nations, and is currently ranked 110 out of a set of 181 countries assigned GES scores. If India were able to undertake the necessary reforms, it could raise its growth potential by as much as 2.8% per annum, placing it in a very strong position to deliver the impressive growth we outlined,” it says.
Here are the 10 things for India, as outlined by Goldman Sachs, to achieve its 2050 potential:
India’s governance problems overarch all its other problems. Without better governance, delivery systems and effective implementation, however, India will find it difficult to educate its citizens, build infrastructure, increase agricultural productivity, and ensure that the fruits of economic growth are well-distributed.
Governance problems stem from the increasing inability of the government and public institutions to deliver public services in the face of rising expectations. A large gap between physical access to services and the quality of services provided is leading to a citizen satisfaction gap.
Some observers attribute India’s governance problems to its democracy. Goldman Sachs thinks it is the malpractice of democracy—or the ‘democracy deficit’—that is the cause of the problem.
A well-functioning democracy should allow citizens to have more voice in evaluating the quality of services they receive, for governments and service providers to be accountable, and for citizens to pay directly for services received.
Many international observers tend to see education as one of India’s biggest advantages. This is primarily because they tend to meet only the best and the brightest.
It is the case that India has a large number of highly educated people. But it has a population of 1.1bn and probably the highest absolute numbers anywhere globally receiving hardly any education.
There is evidence that the amount of