NOTE: This is a enlargement of an earlier posting, a few months back. Since then, off and on, many (though, not all) of this information has appeared here. So in a way, it is also a consolidation of content to get a wider picture...
Every age and generation in a society (and the dominant class/caste therein) have their own mythologies to live by. These cherished beliefs often don't match with the reality/facts. Nevertheless, they become ingrained in our psyche as "facts", because they are repeated and echoed by media, politicians, consultants, academics, and various interests and lobbies...
...In any case, they do help people to remain engaged with their lives - and feel meaningful with whatever they are doing...
These are some of the "mythologies" of our age:
M1: Pre-91/"liberalisation" was the period of "dark ages"
Perhaps so (or not so - depending on how you want to interpret these figures)
M2: Last 15+ years have created a "boom" in jobs
Actually, no!... If one looks at the figures/data. According to Planning Commission, post-mid '90s, the rate of job creation has become negative...
...and more jobs are created in the unorganised sector than in the organised sector.
M3: India has a "huge" professionally qualified manpower
Yes and no!...
It is definitely huge, no doubt.... But then, everything in India is HUGE, when it comes to head-count. Ours is, perhaps the only country, where a population of 120mn people (twice the population of 50%+ nations) becomes a "minority"!!!
Even if one defines "qualified" as any graduate and above degree-holder, even then the total "stock" is actually miniscule.
This, incidentally, is the overall status of our economically active manpower
... and among those ecoomically active, this is the %age of those who have "marketable skills"
Lest one gets an incorrect (and exaggerated) meaning of "marketable skill", here is the listing of such skills:
M4: India has the advantage of "demographic dividends"
Oops, yes!... India is demogaphicaly the youngest country in the world... Which gives us a tremendous economic advantage
But actually, it was always a young country - at least, by the Census figures since last 3 decades... not sure is it gave us an economic advantage then.
M5: Urbanisation is a pre-requisite for economic growth and employment creation
Perhaps so, though I am not sure, why this should be so.
In any case, according to the 2005 Economic Census, the reality is like this:
M6: India is becoming a "Rich" country
In a way, yes!... India has the 2nd largest number of billionnires - after, of course, US - in the world.
If a Billion is written as $1,000,000,000, and $1=Rs.45 approx, then the following figures are instructive:
M7: "Capitalism" - or whatever is its modern versions (notwithstanding the fact the Adam Smith has been kidnapped, gagged, and mis-quoted gossly and widely!!!) - is the best option to have a healthy society and economic prosperity
The following is a comparison of countries on 5 indices (Color coding: the red is the paragon of free-market "capitalist model" and the yellow are the ones who are considered to be following the "socialist model"):
GCI (Global Competitive index); HDI (Human Development Index); Gini Index (measures income disparity); IDC ISI (IDC's Informational Society Index); QLI (Quality of Life Index)