09 SEP,2019 | MEDC
The government has said that it is trying to address issues sectorally, as each sector of the economy has different problems associated with it. This way of thinking has its advantages as the nature of the Indian economy is such that the majority of the employment falls in the informal sector, which cannot always be micromanaged with the existing rules and regulations. Agriculture continues to constitute the backbone of the rural economy and this year’s monsoon has been kind to India, so economic distress in the countryside can hopefully be minimized. However, inadequate infrastructure development continues to remain a cause for concern, especially if India is to emerge as a global manufacturing alternative to China. In its current form, GST has also failed to live up to the expectations of most experts, and some strategic tweaks in it will be necessary to infuse the much-needed animal spirits into the economy.
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