What are the major economic challenges faced by India
India is facing several economic challenges that need to be addressed for sustainable development. Identify and discuss the major challenges.
India is currently facing several major economic challenges that need to be addressed for sustainable development. These challenges include:
- Income inequality: Despite India's significant economic growth, income inequality remains a major concern, with a large proportion of the population still living in poverty.
- Unemployment: The country is grappling with high unemployment rates, particularly among the youth. The challenge lies in generating enough job opportunities to accommodate the growing workforce.
- Infrastructure development: India requires massive investments in infrastructure, including roads, railways, airports, and power supply, to support economic growth and improve connectivity across regions.
- Agricultural sector: Agricultural productivity needs to be enhanced through technological advancements, better irrigation techniques, and improved access to credit and markets, as a large portion of the population depends on agriculture for their livelihood.
- Fiscal deficit: India's fiscal deficit remains a significant concern, requiring effective fiscal management and structural reforms to reduce it.
- Corruption and bureaucracy: Combating corruption and streamlining bureaucratic processes are essential for improving the business environment and attracting investment.
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