Need for structural reforms

15 OCT,2019 | MEDC


 

The WEF rankings underscore the need for major structural reform in India. The government is in the process of reforming labour laws, but other countries are moving much faster. India needs to move rapidly to enhance its image as an investment destination. We are fortunate to have a strong and stable government which is not averse to taking swift decisions. A sharp reduction in the rate of corporate tax recently proves that. A tariff rate reduction should now be on the cards. Thanks to the US–China trade war, there is an opportunity for countries to grab exports worth $ 450 billion that India can’t afford to miss. In this context, the need for deeper structural reforms, both in government systems and markets cannot be overstated. We have a lot to lose if we don’t act in a timely manner.

 

*Photo Credit: Google

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