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Sustaining High Economic Growth Requires a Different Strategy: An Integrated Approach for Broad-Based Knowledge Economy

In: Strategic Management, Decision Theory, and Decision Science

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  • R. B. Barman

    (Formerly of National Statistical Commission)

Abstract

The Indian economy was one of the fastest growing large economies for a few years in the recent past, but this momentum proved to be short lived. During this short phase, counter-intuitively the rate of saving and investment had been falling, unemployment was recorded high as per latest survey results (NSSO, 2017–18), and external trade was almost stagnant (GoI: Union Budget). The inflation however was low, supported by low international energy prices. In this backdrop, the aspiration for a five trillion dollar economy by 2024–25 presumes the economy to grow around 10%, creating enough job opportunities for demographic dividend. Breaking away from the past, there could be a new strategy focused on the efficiency of resource use raising productivity and competitiveness, benefitting all. It also needs much improved institutions and governance, ensuring stability while pushing for structural adjustment for sustained growth. We need a knowledge economy, ensuring transparency by reducing information asymmetry at all levels for holistic approach on high growth with social justice which needs a national commitment.

Suggested Citation

  • R. B. Barman, 2021. "Sustaining High Economic Growth Requires a Different Strategy: An Integrated Approach for Broad-Based Knowledge Economy," Springer Books, in: Bikas Kumar Sinha & Srijib Bhusan Bagchi (ed.), Strategic Management, Decision Theory, and Decision Science, pages 1-20, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-1368-5_1
    DOI: 10.1007/978-981-16-1368-5_1
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