Hey Guys,
I converted PGDM (core) of IMT-Hyderabad!
The interview mode was ONLINE!
The sequence was like this;
1. General Briefing (1 hour)
2. Critical Thinking (WAT)- 30 mins.
3. Personal Interview- Approx. 15 mins.
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MY CT RESPONSE (Word limit- 500 words ; TIME: 30 minutes)
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TOPIC: Can India rely on domestic demand to power its economy?
India is a domestic consumption driven economy. The first priority of the government is to focus on its domestic demands and to do this, they are in continuous lookout for anything that help relieve unemployment, hunger and all the essential needs of its citizens. But COVID-19 has shown that achieving self reliance is not a matter of choice but its necessity of India. Goldman Sachs has predicted that India will achieve $5 trillion economy by 2024-25. But the main concern here remains constant. Is it even possible or will the domestic demands only be sufficient to quench this thirst? The answer is No. Domestic demand implies the total consumption of goods and services by all the native residents of a country. India with a population of 1.38 billion, is one of the largest developing country which is paving its way to self reliance. Today the GDP of India is at $3.1 trillion and the GDP growth rate is approximately 7.8% and with this growth rate, we will be not even closer to achieving $5trillion economy. I am not saying that it is completely impossible but its very difficult and we need to increase our GDP growth rate at least to 15-20% . To do this, domestic demand will not at all be sufficient. We will need to carry on cross country exports and other drills to achieve self reliance.
So what could we do?
India has the second largest population in the world and yet India has only 3% share in global manufacturing chain. This implies that India need to do a lot of improvement right from manufacturing sector to pharmaceutical sectors. There is a lot of scope to improve Indian condition in order to facilitate exports. And the way to this development starts from home itself. Thus, in the same way, India needs to improve itself in terms of Infrastructure, MSME reforms and digital transformation. 18% of the price of any good in India constitutes of the logistics costs whereas in China, its only 8%. This is where, infrastructure development plays its role. increasing infrastructure will facilitate more accessibility, employment and thus pave its path for self reliance.
What are some good things happened to India?
The first step towards making India self reliant has been taken by the supply chain resilience Initiative of Quad and its doing great wonders. Apart from this, India is working upon FTA agreements with various nations like Australia and USA. So its just the beginning. And in no time, India will Power with not only relying on domestic demand but also foreign exports.

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About the NMIMS DSA program that I talked about in beginning:
[ Ссылка ]



THANK YOU!

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