India
theoretically implemented neoliberal economic policies in 1992. The term Neoliberalism
had its origin in the west and got popularity after the Second World War. The
meaning and intensity of the word neoliberalism changed from early 1900 to 2000
based on the context and usage by different nations. In the modern context, it
is more based on fundamental market economy based on the free market. The
competition will decide the value of the products and services. The proponents
of developmental agenda based on liberalism advocates free trade and market
economy would bring social and economic growth in the country.
Indias GDP
ranking was 10 on a relative scale in 1985. It came down in 1990s during the
initial stages of the reforms. The GDP rank is 7 as per current status. Ironically,
being in top ten of resourcefulness or top ten in wealth creation (GDP), our
HDI (Human Development Index) and Happiness Index is below rank hundred. Is it a
gap between Vision and execution of vision? The fundamental question of actual development
comes in terms of inclusiveness. GDP is all about wealth creation. Inclusiveness
is all about wealth (or any resource) distribution by value creation to attain healthy
happy Human development. Yes, we need to have a HHH Index for inclusive
development agenda.
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