Reversing economic slowdown

23 SEP,2019 | MEDC


 

The environment continues to remain challenging for the growth of many sectors of the Indian economy. Depressed consumer sentiment and a fall in some key consumption pockets such as cars, two wheelers and commercial vehicles do not augur well for economic revival. However, the government’s decision to restructure tax rates is a major structural reform expected to revive the domestic investment cycle and enable most large companies to report a net profit that is about 6-7% higher than at present. Some rule changes are also likely to attract foreign capital, and thus, enhance the employment potential of the economy. The rupee has strengthened by 39 paise vis-à-vis the dollar. Conversely, even though a strong rupee is good for stoking our ego, it often has a detrimental effect on the country’s trade balance by making imports cheaper and exports costlier. There is no room for complacency.

*Photo Credit: Google

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