Why Is India Still a Third World Nation ?

It was just yesterday that we were discussing the Indian economy’s current situation in our college lecture. I really didn’t know I’ll get to pen down my knowledge of the same so soon. As a recent leading daily stated, India ranks fourth in terms of economies with growth potential. An amazingly encouraging fact! Equally ironic is the fact that India still continues to be a part of the ‘developing’ brigade for decades now. What exactly do we do climb the ‘developed’ bandwagon?
India, despite all glorious statistics and rankings, today is a part of the league of third world nations. Do cite a very clear definition of global economies; first world countries are the developed capitalist countries where we place US, Russia. Second world countries are the socialist economies, China being the best example of the same. Third world countries are the developing and the least developed nations of the world. India is a part of this list with African, Asian, Latin American nations falling in queue too. Through this article I’ll first throw light on the major challenges that keep India in the Third world league and simultaneously talk about the constructives that can overturn our years’ long efforts of waving the ‘developed’ flag.

Indian economy today is very close to witnessing the prosperous ‘demographic dividend’ phase. As per its economic interpretation, ‘Demographic dividend’ is the period when a country has huge young population. In this phase the working population increases, consequently a country’s performing potential increases and the dependency ratio falls. But what is important for any economy is to ensure if it is ready for this phase? In order to reap the benefits of demographic dividend, we need to create a lot of sustainable working opportunities so that we can harness the maximum of our young population. I personally believe that we hold a lot of human resource; however the point to be improved on is their effective channelization. The classical