In the tumultuous post-independence period, a striking majority of India's population, estimated at approximately 70%, languished in dire poverty. As we transition into a new era, this disconcerting statistic has seen significant improvement. Today, we estimate the poverty rate at a comparatively diminished figure, around 15%. How did this remarkable shift transpire? To trace the roots of this evolution, we must journey back to India's nascent days as an independent nation. In the wake of 1947, India adhered to a unique socio-economic framework termed 'Democratic Socialism'. This compelling doctrine embodied a few salient principles: The fusion of private enterprise and societal welfare: Democratic socialism actively encouraged the participation of the private sector but insisted that it must work toward social advancements alongside economic prosperity. This approach reflects the ethos of successful cooperative movements such as Amul, which has revolutionized the dairy...
In the bustling markets of India, the price of a simple loaf of white bread, once a mere 15-20 Rs, has doubled to 30-50 Rs in just a few years. This seemingly trivial change is a stark reminder of the escalating cost of living in India's urban centers. If you find yourself grappling with rising expenses, here are some crucial insights to help you understand and navigate this economic landscape. 1. The Urban Price Surge: Major cities in India are becoming increasingly expensive. With limited land and an influx of capital into the country, land prices are soaring. For instance, construction costs in Goa have risen by approximately 25-30% recently. This increase directly impacts the prices of virtually everything. In the realm of traditional economics, the means of production are defined as Land, Labour, and Capital. When the cost of land escalates, it triggers a domino effect, causing a rise in rent, business costs, and more. While the prices of flats in big cities may not sky...