Sunday, January 22, 2012

Infrastructure and Human Resource Development: Next Gen Growth Engines of Indian Economy

'Money makes the mare go' the old adage is relevant to everything in human life and applies equally to India's growth story. Ample finances can be made available in the government's kitty through meaningful concerted efforts in the areas of corruption mitigation and good governance to progress and sustain Infrastructure development and human resource development, the next gen growth engines of Indian Economy. India is destined to achieve much bigger things in world's economy rather than the 7-8 % growth rates which have been given to us on a platter by the compulsions of developed world. If India fails to accord topmost priority to these two extremely important growth engines to bring them at par with the developed world in a short span of about a decade or so it will miss the ominous dream of being a prosperous nation as also the world leaders on the economic and technology front. Such opportunity slots normally last for about a decade or so for in the meanwhile the advanced countries  recover and newer third world countries present more lucrative options.
Infrastructure development comprising of Roads, Construction, Rail, Airports, Ports, Power generation and transmission, Irrigation, Telecom etc. is one of the keys to development of a country because it

  •  is manpower intensive and a big job creator directly and indirectly through other allied industries.
  •  generates a huge demand of steel, cement, capital goods, machinery, trucks, wagons etc..
  •  improves upon logistics of men, materials, agricultural produce so very essential to any country's growth story.
Human Resource  is equally important growth engine of the Indian economy and until and unless nurtured with an immediate hugely intense national effort will convert into a national drain on the Indian growth potential. The favourable demography picture of human resource in India is going to last for a decade and a half at the most as the ratio of available working  hands to non working stomachs with claims on retirement pensionery benefits will keep on dwindling from now onwards. This will result out of a likely decrease in birth rates as the education and prosperity levels rise and accompanied increase in average life span. India has to make best use of this favourable human resource demography opportunity window.The developed countries became rich before they aged where as India and Indian polity has to strive very very hard and meticulously to get out of this catch 22 situation of getting old before getting rich. 
Human resource development of all segments of manpower  has to be accorded topmost priority because it will

  •  result in massive industrial productivity increase through efforts to convert all unskilled workers to semi skilled ones and improving the capabilities of skilled, technical, administrative and managerial workforce of the country.
  • result in enormous up gradation of the country's  education system through value additions to the capabilities of educationalists and teachers which will enable individuals to think for the betterment of their own families and country and will be a great help in having a responsible and responsive democracy in the country.