When discussing the advancement of India as a nation, we usually consider big numbers and big plans. However, an alternative perspective exists in which one looks at the everyday choices people make. That’s where microeconomics comes in to play its role. It understands how individuals, like you and me, make decisions. It’s like microscoping small details instead of looking at the bigger picture at once. However, usually, when the government wants advice on how to make a country better, they turn to macroeconomics, which focuses on the overall economy.
Why do people praise Modi? Well, Prime Minister Modi’s approach is different. Instead of just focusing on big statistics of macroeconomics, his government pays attention to the little things that can make a big difference in people’s lives. For example, they worked hard to make sure things like digital technology, e-payments, buildings toilets, roads, and bank accounts reach everyone, no matter where they live or how much money they make.
During a debate in Parliament, his way of thinking clashed with the old way. A former minister criticized PM Modi’s plan when he proposed to make digital payments accessible to everyone, saying it would fail and waste money. But PM Modi’s government proved everyone wrong. They made India’s digital system so good that people around the globe are admiring it.
But it’s not just about technology. PM Modi’s government also focuses on things like healthcare and the education system. They see these things not just as an expense, and investments in people’s future. Programs like health insurance for everyone and affordable housing for the poorest families are some of the examples to refer to.
From a broader perspective, looking at things this way helps the general public see how Modi’s government programs affect the people in real-life scenarios. For example, when people feel more secure about their health and finances, they tend to spend more, which ultimately helps the economy grow. However, these details are often overlooked while looking at the bigger picture.
To understand better, let’s expand on the theme of microeconomics and its relevance in policymaking while taking further examples from PM Modi’s approach to governance in India:
Empowering Individuals through Economic Choices: Microeconomics has taught us that the decisions taken by individuals help in shaping the economy. Thus, following this approach of microeconomics, PM Modi’s policies aim to prioritize empowering individuals so that they can make better economic choices. For example, Modi’s schemes such as Skill India and Start-up India help people learn skills and get what they need to start their own businesses. This encourages more people to become entrepreneurs in India and come-up with new ideas. Consequently, these programs help the economy grow from the bottom, up.
Helping everyone grow by focusing on specific problems: Microeconomics fixing particular challenges faced by different segments of society. Beti Bachao Beti Padhao (Save the Daughter, Educate the Daughter) scheme, which is a part of PM Modi’s government initiatives aims to address gender inequality by promoting the education and welfare of girls.
Using technology for lasting impact: Microeconomics shows us that by using technology we can makes things work better and it can help us get more done through productivity gains. PM Modi’s focus on digitalization and e-governance aligns with this perspective. By leveraging technology to bridge the digital divide, these efforts promote economic inclusion and empower individuals to participate in the digital economy actively.
Investing in Human Capital: Microeconomics states that having smart and healthy people helps the economy grow over time. Following this ideology, PM Modi’s government knows that investing in education and healthcare will make people skilled and healthy. Programmes like the National Health Mission and the National Education Policy focus on making people better, which helps the economy grow steadily.
Promoting Financial Inclusion and Access to Credit: Microeconomic principles highlight the significance of financial inclusion in promoting economic development. PM Modi’s Jan Dhan Yojana, aimed at providing access to financial services for all households, exemplifies this approach. By ensuring access to banking services, credit, and insurance, such initiatives empower individuals to participate more actively in economic activities, fostering inclusive growth and poverty alleviation.
Encouraging Sustainable Development Practices: Following the principle of microeconomics that emphasises the importance of considering the long-term implications of economic decisions on society and the environment, PM Modi’s government has shown a commitment to sustainable development through initiatives like the Swacchh Bharat Mission and the International Solar Alliance. By encouraging keeping things clean, using energy that lasts forever, and taking care of nature, these actions help the economy grow steadily and make life better for future generations.
Lastly, PM Modi’s governance approach showcases a deep and better understanding of microeconomic principles and their relevance in sustainable development. By prioritising the empowerment of individuals, targeted interventions, tech-related innovation, investment in human capital, financial inclusion, and sustainable practices, Modi’s government aims to build a more equitable and prosperous society.
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