After liberalization in 1991, the average growth of India’s economy is 6-7 percentages per annum. Since 2017, India’s economy is one of the fastest growing among countries. Make in India campaign is one step forward improving the manufacturing and purchasing power of Indian consumer. This article is about Gujarat’s economic magnification.
Gujarat’s economy is developing because of good governance under successive regimes. Gujarat is one of the richest states with faster growth and large opportunity of jobs. The state is also on top in terms of education, GDP, health and living standards. Gujarat contributes 5% of total population, 6% of land mass and around 7.6% on accounts of GDP. Gujarat is one of the most industrially developed state in India. The Vibrant Gujarat Global Summit is an innovative approach taking by Government of Gujarat. It helps the state in increasing the sustainable development by promising policies and investments. The good governance of Gujarat explains helps the growth and social development. There is a constant better performance in area of health. The mortality rate of infant is decreasing around 3.6 percentages per annum.
There are various factors by which state can chase to economic development. Some of the prime areas through which Gujarat has achieved the height of economy is discussed hereunder:
Services and Technology:
Gujarat’s economy GUA derives around 37% from services. It is the only large economy with low dependence and services. Gujarat’s government believes in investing modern technologies. This technology helps in speedy production, distribution and also increase of demands. They rely to accept all new trends technological trends when see opportunities. The government of Gujarat always tries to give necessary services to its citizens. So that, the flow of market remains in the state itself and people lives an ease life.
Manufacturing and Industry:
Gujarat is one of the best hubs for industry. The economic growth admirably remains high because of industry sector that contributes 53% of GUA. It is the only large state contributing above 50% of GUA depending on only industries. The atmosphere of Gujarat to build an industry is also very suitable. Industry is like the backbone for economic growth. It is the prime factor which helps to develop industries, goods, also the consumable goods and services. This also helps in promoting employment of the state. Due to these industries, peoples get employment and thus the rate of other disturbing variants starts declining.
Agriculture and labour:
Agriculture is one of the sector which provides with basic incentives increasing the economy. Around half of the population of Gujarat depends upon agriculture. It also provides the raw materials to the industries. The labor power is also a base of the economic development. Labour works day and night in the manufacturing sites helping India to even export goods. Because of the agricultural works taking place in the rural areas the urban areas are also developing. People in the urban area are both the food and the consumer needs because of the rural agricultural work.
Initiatives by Gujarat Government:
Government of Gujarat always works in the area that could increase economy and also maintain its sustainability. There are few steps taken by Gujarat Government to promote Gujarat as an investment destination:
- Gujarat government with cooperation of Japan Government has launched a High Speed Rail corridor from Ahmedabad to Mumbai.
- The state also introduces a new scheme in the New Industrial Policy, which aims to increase investments in manufacturing area which will increase employment opportunities.
- In 2019, around 28,380 memorandums of understanding was signed during the Vibrant Gujarat summit as a result expected that it would give create around 21 lakh jobs opportunities.
- Gujarat has a vast coastline of 1600 km and the government is focusing on the infrastructure development of ports. In Gujarat there are 42 ports out of which Kandla port is the big one and other 41 are the small ports. Kandla Port last year managed nearly 82 million tonnes of cargo traffic.
Hence, Gujarat from all area of interest has unlocked itself in terms of economy. From technology to production to employment it has proved itself the best. Gujarat has always achieved one step forward in economy.
JAI JAI GARVI GUJARAT
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