An outlook of the Indian economy with latest news and events

Indian economy has traditionally been agrarian and self sufficient with a caste based division of labor. This resulted in economic disparities among sections of the society. Economic empowerment implies the provision of training and employment-cum-income generation activities with both “forward” and “backward” linkages with the ultimate objective of making community economically independent and self reliant. It would also mean conferring, through policies, onto the economically deprived sections the strength that would alleviate their poverty, improve their living standards and help in generating assets. This fact is generally not in the knowledge of citizens. 

Objective of empowerment of certain section of the society is to grant them those rights which would make them equal with other persons or social groups. This is an interesting fact about Indian Economy. 

Hence, empowerment is aimed at equality. In order to achieve equality we also need to understand in what areas the equality is to be achieved. These areas then could be considered for empowerment. In this we need to address those areas where equal treatment can be given to all, i.e. before law, equal and inalienable rights, equal freedom or moral equality, full political equality (as equal universal suffrage), social equality (as equal status and consideration regardless of class or wealth) and equal opportunity (as equal access and equal start). These are enshrined in different Articles in the Indian Constitution which guarantees them. There are four essential areas that need to be addressed to achieve “equality”.

The latest news is that economy of India is getting empowered. World Bank defines empowerment on any economy as the expansion of assets and capabilities of poor people to participate in, negotiate with, influence control, and hold accountable institutions that affect their lives’. No doubt, therefore, empowerment is essentially a political process. Central to the concept of empowerment are four core elements: about general knowledge, inclusion and participation; accountability; and local organized capacity and subsequent networking with wider movement groups to create a climate of pressure on the holders of power. The centrality of the notion of empowerment is located in the dynamics of sharing, distribution and redistribution of power, which has a basis of legitimacy.