Economic reform is the key

16 DEC,2019 | MEDC


 

The key issue facing the economy today is a lack of adequate investment. India needs to be much more investor-friendly in the face of relentless competition from Thailand, Vietnam and China. The ongoing slowdown has raised some legitimate questions about the government’s management of the economy. One cannot doubt the government’s intentions, but the realities at the grassroots level are often at variance with the aims and objectives of policy. It is of the utmost importance to work on enhancing the ease of doing business in the economy. China’s experience has clearly shown that a high investment rate leads to a virtuous cycle of higher economic growth, which subsequently attracts greater investments and ends up becoming a self-fulfilling prophecy boosting GDP tremendously. There is much to learn from this approach to economic development.

*Photo Credit: Google

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