India at 75: The path of development of India has traditionally not been in line with this thinking. However, now this thinking is changing. The government tried to provide social security to the vulnerable population during the lockdown imposed in India due to the Coronavirus Pandemic.
Azadi Ka Amrit Mahotsav: Historically, India has presented itself as a developmental paradox – “ample resources, ample poverty,” which some would refer to as a manifestation of the so-called “resource curse.”[ 5] The resource curse hypothesis is based on the 'development deficit' i.e. low income, low economic growth, weak democracy and low abundance of natural resources, despite the presence of abundant natural resources.But the Indian situation cannot be described in such a linear theoretical construct, because it is much more complex than that. Throughout India's history, there have always been areas of underdevelopment and development,[6] located in a roughly linear and contiguous fashion. (Azadi Ka Amrit Mahotsav)The resource curse hypothesis describes the situation of economies performing poorly in development indicators compared to economies with 'development deficit' i.e. low income, low economic growth, weak democracy and less rich natural resources, despite the presence of abundant natural resources. At the same time, there is a need to understand that unbridled and blind pursuit of economic growth without considering the concerns of distributive justice or equitable sharing and sustainability of natural ecosystems carries with it a biological consequence in the form of “cost of development”. Is. They are often not felt in the short term, but become visible in the long run.These could be in the form of loss of livelihoods and increased resettlement problems due to the construction of physical infrastructure, or in the form of loss of ecosystem services affecting human habitation.
[7] ] (Azadi Ka Amrit Mahotsav)The story of Indian development since independence, especially after economic liberalization in the early 1990s, falls into this classification. Economic growth led to the creation of new capital through large capital expenditure. In many cases, the cost to society in the loss of livelihoods and ecosystem services outweighs the long-term economic benefits.
This has been linked to the associated social costs or lack of rehabilitation, which gives rise to conflict. Despite this, the important role that physical capital plays in promoting economic progress cannot be denied. Although there is ample empirical evidence of physical infrastructure's role in promoting the business environment and economic competitiveness in the long run.[9]In this sense it was a necessary evil that the Indian socio-economy had to face, especially during the early stages of post-independence development.Changing vision of economic development
Attempts to view development as the sole measure of development or economic progress have been challenged globally for decades. In the post-war decades, European reconstruction and development in the decolonized countries, then called the Third World, led to the thinking that development could only happen through capital formation. Challenged and now the human face has become the dominant paradigm in development.[10]Over time, the Doomsday Club of Rome reconsidered the Malthusian view that depletion of natural resources due to anthropogenic interventions will not be able to sustain human economic development ambitions in the future.
[11] ]
There have been a number of conferences, scientific assessments and global declarations that sought to promote a more holistic approach to development, including the Millennium Development Goals, which were eventually replaced by a more comprehensive agenda created by the SDGs in 2015. Is. Presenting a substantially expanded and comprehensive agenda for developmental governance through 17 goals, the SDGs are based on economist Mohan Munasinghe's ‘Sustanomics.
