PM's 'guarantee', cyclists, and the challenge of long-run economic growth

The important question is whether India can also get rid of multi-dimensional poverty - a modest concept that stipulates a bare-bones minimum income, education and quality of life, writes T N Ninan

PM Modi

Prime Minister Narendra Modi. (Photo: PTI)

T N Ninan
Cyclists in a long-distance race usually form a peloton formation, like flying geese. The lead cyclist provides a slipstream that helps those at an angle behind to experience reduced drag. Every once in a while, some other cyclist takes up the burden of leading. Long-run economic growth has similarities with such a peloton, in that the lead sector which sets the pace keeps changing and thereby allows everyone in the peloton to sustain the pace. So it has been for India in the past three or four decades.

Following the acceleration of economic growth, from about 2.5 per cent in the crisis-ridden 1970s to about 5.5 per cent in the 1980s, a nascent middle class was born. This created the
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

First Published: Jul 28 2023 | 6:27 PM IST

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