Do you think the growth model followed by East Asian economies could be suitable in propelling India’s economic growth trajectory?

Answer: The Economic Survey 2018-19 highlights acute challenges faced by the Indian economy like the severe agrarian crisis; the troubles of loss-making and debt-ridden public sector units (PSUs); and the issues plaguing public sector banks.

In this wake, the model followed by Newly Industrialized Economies (NIEs) of East Asia (Hong Kong, South Korea, Singapore and Taiwan) has been touted as a panacea for the ills of Indian economy. A newly industrialized country is one whose economic development is between developing and highly developed classifications.

India’s aspiration to become a global economic powerhouse through the East Asian model is admirable, but the government ....

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