Q. Which of the following factors can contribute in making India a developed nation?
1) Increasing the received price of farm products for farmers.
2) Speedy dispute redressal process.
Select the correct answer using the codes given below

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B

Statement 1 is incorrect. India’s route to developed country status requires people to move out of farms much faster. And that can only happen if farming is reformed and manufacturing flourishes.

Statement 2 is correct. Indian courts’ performance in contract enforcement is among the worst in the world. NCLT, critical to the bankruptcy process, had 30 vacancies in mid-July. There are vacancies and huge backlogs in the entire judicial system that dilute the efficacy of most reforms, especially when judges also wade into policy, usually creating more problems. If these persist, India’s economy will get bigger but its economic status won’t change.