presents the overall structure of the present-day
policies, which have helped or hindered in this
process. The focus of this paper is the new
policies, which have particularly taken shape
during the regime of present government (from
2014 to date). However, some policies, which
have been recent ones, but those prior to 2014
have also been taken into consideration. There
have been large number of initiatives during the
last few years, which made India achieve
leadership in economic and political sectors. The
recent moves towards health-insurance of all
BPL (below poverty line people) citizens and
providing hundred percent insurance towards
agriculture crops are also big milestones. The
move towards creating autonomous institutions
and the step towards converting India as a leader
in international forums like BRICS, BIMSTACK,
ASEAN, World Bank, CoP, G20, G8, G4, IPCC, and
other environmental forums is highly
appreciated. India has also improved its overall
ease of doing business (it has now reached the
77 th rank in the world ranking and the
government targets to bring it to less than 50 in a
short period). India has also emerged as an
attractive destination for investment and
simultaneously also emerged an attractive
d e s t i n at i o n fo r re s e a rc h , i n n ov at i o n ,
manufacturing, etc.
India is about to achieve leadership in many
domains. It is going to emerge as the new
powerhouse for the world. It has progressed
leaps in bounds in many sectors, particularly in
solar energy, digitalization, startup, innovation,
and entrepreneurship. There have been many
major policy shifts during the last four and half
years of the present regime. These changes have
enabled India to emerge as the leader in the
international scenario. India is currently leading
4
the solar power revolution and has initiated
International Solar Alliance, which has now its
headquarter in Gurugram. India has also taken a
leadership position in fitness stream through
International Yoga Day. India has also emerged
as the leader in environmental sectors by taking
positive initiatives towards environment
management, cleanliness drive etc. India has
also appeared as the leading country regarding
internet users.
The roots of India's current economic systems
extend back to the time of colonial rule and its
autocratic and fragmented structure. The
country was made to forcefully serve as a market
to its colonial bosses and their industrial
products. Independence in 1947 brought many
changes, but the country did not have to start
"from scratch." The foundations of today's legal,
financial, educational, bureaucratic governance
systems were inherited from the colonial period.
Even the roots of publicly funded research
structures, which have grown large today, date
back to the colonial days. However, one key area
of change following independence involved the
adoption of a closed economy that relied heavily
on central planning, restricted imports, and
nationalization of industries. Not until 1991 did
India open its economy, which led to real
competitiveness and a need for innovation in all
industries.
India today is a vast democratic country with a
population of over 1.2 billion people with diverse
ethnicities, religions, and languages. Nearly
70% of Indians live in rural areas, and over past
20 to 30 years, there has been a continuous flow
of people from villages towards cities, mainly in
search of work. The Indian economy is mostly
based on agriculture, which depends on the
unpredictable South-West monsoon. Given the
Economic Challenger//Issue 82, January-March 2019