Transparency, accountability and efficient resources sound good to hear, but unless these measures are implemented and the results proven, they are of no use (“An economic agenda for India 2020,” Dec. 2). The world has seen numerous examples of the failure of capitalism. It is, therefore, important to ensure that there is some kind of state intervention so that the rich do not become richer and the poor, poorer. The success stories of other countries need to be implemented keeping in mind the Indian environment.
Dr. Subramanian Swamy is very optimistic when he talks of reducing the capital output ratio from four to three. With the huge investment required for welfare schemes, such a drastic fall is quite unlikely. Finally, as he says, skill development among the youth is important. Its impact will be seen in the long run.
The driving force for development in 2020 is the younger generation. However, as most youngsters move towards the corporate world, traditional job-generating sectors such as agriculture face neglect. The new government in 2014 must take steps to attract the younger generation to agriculture. If this is achieved, India has a chance to surpass GDP growth of 12 per cent.