Question

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Choose one of the BRICS countries and mention its main challenges in the short and long run as a developing country

Answer 1

Indian economy is mixed. Half of the Indian workers focus on agriculture, a conventional economy's signature. The services sector hires one-third of its workforce, which contributes two-thirds of India's production. This segment's growth is made possible by India's shift toward a market economy. India has deregulated a variety of sectors since the 1990's. It has privatized several state-owned companies and opened doors to direct foreign investment.

U.S. monetary policies affected the economy in India. For example, the value of Indian rupee dropped when the Federal Reserve started its quantitative easing programme. The ensuing inflation obliged the central bank of India to increase its interest rates. This intervention slowed economic growth in India, eventually leading to what some called mild stagflation in 2013. It had annual inflation of 10.9% and a growth rate of 6.4%. Slow growth came to curb inflation from a contractionary monetary policy. Inflation slowed to 3.6 per cent by 2017.

Climate change challenges India's attempts to boost living conditions for its people. More than 600 million Indians face severe shortages of water. Bangalore and New Delhi are two of the cities whose groundwater could deplete in 2020. Chennai city runs out of groundwater in July 2019. More than 200,000 people die from polluted water. By 2030, 40 per cent of the population will have no access to drinking water.

Much of India's rainwater comes during the monsoon season that lasts four months. Effectively it is not captured. Climate change from these monsoons will increase the flooding.

It's true that the world's most populous democratic nation can not provide its entire population with adequate healthcare facilities. India is becoming a medical tourism hub but not all of these facilities are accessible to local residents, who happen to be poor. Healthcare in India is a neglected problem, as agriculture, infrastructure and IT are the main attractors. Lack of infrastructure is a big concern of the day in rural India, leading to most of the problems. Infant Mortality Rate (IMR) is 34 per 1000 live births; lack of nutrition has caused stunned growth in 50% of all babies; and 36% of people in India do not have access to to toilets.

India's population living below the poverty line dropped from 37 per cent in 2004-2005 to 22 per cent in 2011-12 (data from the Planning Commission). 22 per cent of the population lived in severe poverty in 2011-12. As predicted by the World Poverty Clock, this number is projected to decline to 5 per cent by 2022. In India, however, 80 per cent of the poor live in villages. The poorest areas include Rajasthan, Madhya Pradesh, Uttar Pradesh, Bihar, Jharkhand, Orissa, and Chhattisgarh. As per World Bank statistics , 43 per cent of the poor belong to the Scheduled Caste or Scheduled Tribe groups. The difference requires the government's urgent attention.

Unemployment is very popular among adolescents nowadays. The condition is also known as unemployment. Moreover, it is a series of circumstances under which a competent person voluntarily seeks a job, but is not able to find one. We may measure the percentage of unemployed persons prevalent in the economy by dividing it by the number of individuals present in the labor force. India's government needs to take the requisite steps to eliminate it by generating more work opportunities for government and the public sector.