Reviving animal spirits

19 AUG,2019 | MEDC


 

The government has put in place some long-term economic strategies to enhance competitiveness. They include the scrapping of many outdated laws. However, much more needs to be done, and soon. This includes enhancing the ease of doing business in India primarily through infrastructure development, further rationalization and simplification of the tax structure, power sector reforms, and liberalizing the country’s investment climate especially with regard to attracting FDI. Success in manufacturing and exports will need huge and sustainable improvements in competitiveness. Market-supporting institutions should be given more autonomy if the innate entrepreneurial talent of Indians is to be unleashed. A strategy should also be put in place to maximize our advantage from the currently ongoing trade war between the US and China. The ball has already been set rolling, but some course corrections will need to be made if the true potential of the economy is to be realized.

*Photo Credit: Google

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