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June 2019


At a NITI Aayog meeting, Prime Minister Narendra Modi rightly said that the goal to make India a five-trillion-dollar economy was challenging, but achievable. In terms of democratic governance, there is a three-fold way to achieve this objective – increase incomes from farm and industry, spend massive amounts on infrastructure, and rev up the services sector to unleash the spirit of entrepreneurship and self-employment. Any economic spur, especially through an expansion of the internal markets, is provided by growth in small and medium businesses, in agriculture, manufacturing, and services. This, in turn, is dependent on just one factor – the creation of millions of jobs, regularly, year after year. This is why the goal is challenging. Over the past decade or so, the Indian economy has witnessed a loss of jobs, forget about an increase in employment. The sunrise sectors, driven largely by technology, are creating jobs but not to the extent required.