By Kaitlyn Farrance
Today India holds the highest population and elections on earth. In fact, more Indians are eligible to vote than the populations of the US, the EU and Russia combined. The 2024 election ended on June 1st with 642 million voters, making it the largest democratic exercise in history.
What Does this Election Mean to the Global Economy?
India is growing to have a larger significance in the global economy. Currently, India is the fifth largest economy in the world. Just last year its GPD growth was 7%. This is a significant growth given that the U.S GPD growth was at 2.1% and China was at 3%. Financial experts claim that India will grow to become the third largest economy by 2027. The Lok Sabha election puts the majority of power in the NDA collation rather than the BPJ itself. This means any policy change will depend on the collation majority rather than a single party.
Developments and Issues in the Indian Economy
In recent years, India has focused on developing urban infrastructure by constructing highways, railways, ports and airports. Other important developments include increased availability to latrines, the internet, and water wells. Although these have greatly helped economic growth, there is still a long way to go in the important areas of employment, education, and healthcare.
Employment
The general unemployment rate for India is 7%. Much of this due agriculture being the main source of work in India. According to a study performed by the International Labor Association,
42.9% of all Indian employment is in agriculture. Unfortunately, unemployment rates go up the more education a candidate has.
• Third level education unemployment rate is 14.3%
• Intermediate education rate is 8.1%
• Basic education rate is 3.1%
• Less than basic rate is 1.7%
The benefits of the rapid economic growth seem to be reaching too few Indians, especially those in rural areas. Those with low education levels often works in extremely poorly payed jobs. Currently, the top 10% of Indians holds 77% of the national wealth, causing a greater need to create new, high paying skilled jobs.
Education
Although literacy rates are on the rise, skill building and job readiness are not adequate. According to the India Skills Report in 2023 only half of young Indians are employable. In rural areas, there are significant obstacles in order to obtain a quality education such as:
• Lack of infrastructure such as bathrooms, chairs and doors.
• Low income
• Lack of transportation facilities
• Lack of basic amenities
• Lack extra-curricular activities
• Deficiency of funds
This proves to be a significant educational divide when two thirds of the entire Indian population live in rural areas.
Healthcare
India’s healthcare system is a diverse network of public and private sectors to provide to its 1.4 billion people. India’s healthcare, like employment and education, needs to reach rural areas. Many primary health centers lack essential infrastructure, medical equipment and resources. Healthcare costs and insufficient health insurance remains a challenge. Almost 2 people every second are pushed into poverty due to health costs alone.
Election Implications for Women
Each election brings changes in policy. The 2024 Lok Sabha will bring policy changes and new laws to key issues in the Indian community. Common women’s issues today in India are gender inequality, unequal pay and violence.
Gender Inequality and Unequal Pay
Although India’s economy is growing as a whole, female participation in it is declining. Studies have shown female labor participation has declined from 32% to 19% in 2021. Several factors encourage low labor participation such as:
• Socio-cultural factors. Often women are seen as individuals who need to be provided for and whose duty is caregiving.
• Job discrimination. Men are prioritized in the job market in order to provide for their families. In order for many women to compete in the job market, often they will accept the same jobs for less.
• Economic empowerment. Economic inequality is exacerbated by lack of skill training.
Violence Against Women
India’s 2021 crime report concluded, in recent years, a steep rise of violence against women. In 2021 alone, police authorities received complaints from 137,956 women. This breaks down to one complaint every four minutes. That same year 31,879 rapes were reported earning India the title of “the rape capital of the world.” Gender-based violence is often justified through traditional values. In a recent government survey more than 40% of women and 38% of men said that it was ok for a man to beat his wife if she disrespected her in-laws, neglected her home or children, went out without telling him, refused sex or didn’t cook properly.
It will be crucial for the Lok Sabha to address women’s issues in order to continue the country’s massive economic growth. The worlds largest democracy cannot grow when half of its population is being held back.