India is facing an economic slowdown that has severely impacted the creation of new jobs and put pressure on the existing ones. The slowdown can be seen across sectors which is visible in low volume growth in consumption sectors. The capital formation has almost stopped on account of fall in savings and the last component of economic growth, i.e exports have been doing poorly for quite some time.
This slowdown has really put pressure on the government and it hardly has any option in a financial year in which the tax revenues are under pressure due to this prevailing slowdown. It will take some time before India gets out of this slowdown. It is time to reassess the kind of reforms that are required in our country to help create a prosperous country for our citizens.
India needs to quickly get down to low-interest regime to encourage entrepreneurs to invest and create wealth for the society. The prevailing high interest in a low economic growth environment is a deterrent for many investors and hampers wealth creation.
Secondly, the pace of general transportation should be increased in our country to improve the overall efficiency of our economy in converting input into output. Presently, crores of people waste a significant part of their working hours in long commutation. It is something we can learn from China which has built a network of high-speed trains connecting the whole country.
It is time we embrace digital economy to the fullest and this can help to reduce transaction costs in various routine government processes. It can improve the ease of doing business and improve the overall well being of our country
An improvement in overall law and order is important to inspire investors. This can be done by increasing the number of judges in the High Courts and the Supreme Court. There is a strong need to increase the conviction rate to instill fear in the minds of criminals and make India a happier place for our citizens.
This slowdown has really put pressure on the government and it hardly has any option in a financial year in which the tax revenues are under pressure due to this prevailing slowdown. It will take some time before India gets out of this slowdown. It is time to reassess the kind of reforms that are required in our country to help create a prosperous country for our citizens.
India needs to quickly get down to low-interest regime to encourage entrepreneurs to invest and create wealth for the society. The prevailing high interest in a low economic growth environment is a deterrent for many investors and hampers wealth creation.
Secondly, the pace of general transportation should be increased in our country to improve the overall efficiency of our economy in converting input into output. Presently, crores of people waste a significant part of their working hours in long commutation. It is something we can learn from China which has built a network of high-speed trains connecting the whole country.
It is time we embrace digital economy to the fullest and this can help to reduce transaction costs in various routine government processes. It can improve the ease of doing business and improve the overall well being of our country
An improvement in overall law and order is important to inspire investors. This can be done by increasing the number of judges in the High Courts and the Supreme Court. There is a strong need to increase the conviction rate to instill fear in the minds of criminals and make India a happier place for our citizens.
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