Topic : Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment
5. Account for the current economic challenges faced by India. Discuss the role that the Atmanirbhar Bharat can play in such testing times. (250 words)
Reference: Indian Express
Why the question:
The article discusses the changes that the Atmanirbhar Bharat can bring and address the economic challenges faced by India.
Key Demand of the question:
Discuss the role that the Atmanirbhar Bharat can play in accounting for current economic challenges faced by India.
Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.
Account – Weigh up to what extent something is true. Persuade the reader of your argument by citing relevant research but also remember to point out any flaws and counter- arguments as well. Conclude by stating clearly how far you are in agreement with the original proposition.
Structure of the answer:
Start by quoting the present conditions of economy and the distress caused due to the pandemic.
The supply chain disruption due to national and localized lockdowns has led to supply side and demand side contraction. Slowdown of aggregate demand due to low, private final consumption expenditure (PFCE), investment and exports. Even, the consumption demand of the rest of the demography from agriculture, small-scale manufacturing and self-employed is stagnant due to low income growth etc.
Discuss the opportunities that India has before it owing to its potential on various fronts of economy.
Take hints from the article and explain. Discuss the role of Atmanirbhar Bharat.
Conclude with way forward.