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India has a large population that possesses much wealth distributed unevenly. Digitalisation and globalisation have brought a tremendous rise in the investment scenario.
We can especially observe this trend in the stock market, which sees investments from the general population and capitalists organisations. The private equity venture capital sector received an investment worth 6.8 billion dollars in 2021, a rise of 42% from 2020.
All these factors have led to immense growth in the economic opportunities available to Indians.
Opportunities for Indian Economic Development
Let us look at some avenues that provide opportunities for the Indian economy.
Poverty and good living standards for all
The improvement in literacy rate and the increased availability of the Internet to the masses has brought a steady increase in the number of economic opportunities available to Indians. The poverty rate has fallen from 45% in 1994 to 22% in 2012.
Despite the apparent progress made, a significant fraction of the population still lacks acceptable living standards. As more economic opportunities open up, a better standard of living will be available for a more substantial part of the country.
The work is doable, but the government and the citizens would have to work actively and responsibly to achieve this goal.
2. Urbanisation
An estimate by MGI says that India will have 69 cities with a population of 1 million by the end of 2025.
With the movement of people from rural to urban areas, there would be an increase in their economic opportunities. They would be better able to find sources of livelihood and make a fortune.
The urban transformation will increase hopes and chances for small and large-scale businesses that can cater to the increased population of the cities and contribute to the country’s overall economic growth.
A major obstacle in this path is that the cities are ill-equipped to handle large populations. They must be prepared and made ready with clean air and water supplies and a healthy environment.
3. Make in India
The make in India scheme launched by the government aims to reduce India’s dependence on foreign countries by decreasing the number of imported goods. The aim is to incentivise manufacturing goods in India by providing tax relief and other concessions to large-scale manufacturers.
Increased manufacturing in India would lead to an increase in jobs and economic opportunities available to locals. It also provides an option to export surplus goods, thus providing an additional boost to the country’s economy.
Manufacturing goods locally would also help the big corporations to know more about the locals and their needs, which would tap into the large and growing local market.
4. Digitalisation and the internet revolution
A few years ago, the Internet was costly, and regular usage was a thing for the rich. However, with the digital revolution, data prices have dropped significantly.
The digital revolution led to the Internet being easily accessible to a large population of the country. It resulted in the rise of internet-based services like freelancing and stock trading, which opened many economic opportunities for the people of India.
India has the highest number of IT professionals globally. With hard work, a steady increase in the efficiency and productivity of industries is being seen, which has been radically transforming healthcare and education.
Online Education has become an enormous industry during the pandemic. It has generated huge revenues while also providing good economic opportunities to the people involved.
5. Start-ups and entrepreneurship
India has witnessed a wave of successful start-ups and influential entrepreneurs across various sectors. IT, Fintech, healthcare, and retail industries are getting affected by the rise of new players in the industry.
They have been employing many people and adding order to the disoriented and disordered local economy. Increased employment provides more economic opportunities to the citizens.
Improvements in various industries have also led to an increase in the primary living standards across the country. There will be a change on a large global scale in the coming decade, with India as its pioneer.
Conclusion
India has been witnessing rapid changes in all industries, which have led to newer avenues for growth and development.
The Internet has been a powerful tool in boosting our economy and driving our country forward. Digitalisation brought the country closer than ever before and reduced the prevalent gaps due to the cultural differences between regions.
That has provided us with better economic opportunities. It has also led to a general improvement in living standards and other facilities accessible to the common public.
