Most of us see Republic Day as another holiday albeit this year it has come on Sunday. Nonetheless MBA aspirants should try to analyze the Republic Day a bit differently so to understand outcome in a professional way.
Read: A SWOT analysis of Governance on Republic Day
India has come a long way since January 26, 1950, when the country became a republic in true sense with the adoption of the Constitution and the declaration of India as a democratic country. As the country celebrates its 65th Republic Day, we look at its strengths, weaknesses, opportunities and threats and the accomplishments and failures of the Indian government in the last one year.
India is the eleventh largest economy in the world in terms of nominal GDP and third largest in terms of purchasing power parity. This speaks volumes about the potential growth of the Indian economy and the bright future that beholds the country.
With more than 50% of the 1.22 billion Indians under the age of 25, India is set to be the youngest country by 2020. And India will stand to make more money through the taxes of the working population, which is on the rise.
The strengths of the nation are plenty, including a huge English speaking population and a rapid growth of the IT and BPO sectors, which help in attracting foreign businesses to India.
These are some of the areas in which India has a competitive edge over other non-English speaking nations. India has the potential to grow and outshine other neighboring countries but inefficiencies in the system are preventing it from doing so.
Corruption is a viral disease that has impeded India’s progress in many ways, and it is one of the reasons why multinational corporations are not keen on setting up businesses in India. The coal allocation scam, also known as Coalgate, which has been in the limelight for the past few years, reflects the inefficiencies in the Indian political and economic systems.
Such scams are not only detrimental to the Indian economy but they are also detrimental to India’s international image. Despite the promises made by the Indian government, huge inequality among the citizens of India still exists. Lack of proper infrastructure is yet another weakness of India, which needs to be addressed to stop capable citizens and multinational corporations from leaving India.
Read More : Why FDI is Needed in India?, Chyawanprash Market in India, Issues Over Article 370
Majority of the people in India are below the age of 25 and this is a huge incentive for organizations to enter the Indian market. Not only does India provide a vast pool of manpower but it also provides a huge consumer market, given India’s population of 1.22 billion.
There is immense scope for infrastructure development, including the construction of roads, railways, airports and buildings. As such, Indian and foreign firms have the opportunity to earn revenue through upcoming infrastructure projects and at the same time, enhance India’s economy.
India is blessed with geographic beauty and rich cultural heritage; however, the government has not used these resources in an optimum manner. There is scope for developing heritage sites into ideal tourist spots, which will help boost the Indian economy further.
Read More : Impact of 'Make in India', Pound or Dollar which is More Bigger than Rupee, How It Impacts?
External threats cannot be contained; however, their impact can be reduced with the implementation of effective regulations. The price of crude oil is volatile and this can have a negative impact on the growth of the Indian economy if proper measures are not taken.
In addition, India faces threat from the environment too due to the lack of adequate irrigation facilities, farmers in India have to depend on the monsoon season for high crop yields.
Sadly, the climate today has become unpredictable. And this affects the livelihood of many Indian farmers, whose farms are not driven by technology. The Indian government can save the lives of farmers and the citizens of the country, who depend on the grains, vegetables and fruits produced by farmers for survival, by investing in farming technologies and implementing them in farmlands nationwide.
India, just like any other country, has a set of strengths, weaknesses, opportunities and threats. To make a mark in this competitive world, India has to tap on its strengths, make the most of its opportunities, work hard to eliminate its weaknesses, and come up with effective policies to address the threats.
It is with this hope that India will celebrate its 65th Republic Day and begin a new year.
Japanese Prime Minister Shinzo Abe is the chief guest at Republic Day parade. Let’s try to understand from his body language and afterwards his formal press releases on outcome of his visit to India. Let’s showcase our strengths of unity, cultural diversity, democracy besides military strength.
Read More : Rising Prices of Essential Commodities in India, WTO and Impact on India
Read More : Know ISRO (Indian Space Research Organization), GST: A Boon or Bane
Stay informed, Stay ahead and stay inspired with MBA Rendezvous