August 25, 2015 | Cdr (Retd.) Dipak Naik
The Executive Director of World Bank, for Bangladesh, Bhutan, India and Sri Lanka, Subhash Chandra Garg has said that, “If we can manage to grow at seven per cent for next 35 years, we will not only be the second largest economy in the world at that time but we will be prosperous and people will be rich enough,” India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 if it manages to grow at 7% annually for the next 30-35 years.
Having noted that with pleasure, let us look at our current performance. Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha that fall in global demand, dip in oil prices and appreciation of rupee against euro are some of the main reasons for decline in India’s exports.
Some positive developments in the economic indicators are seen with regards to fiscal deficit and industrial production. The Government is expected to meet the fiscal deficit target of 3.9% for the financial year 2015-16. The gross fiscal deficit of Rs. 2.1 trillion during April-May 2015, is 37.5% of the annual budget. Last year during the same time, deficit had crossed 45% of the annual target. Industrial production is also expected to rise by 4.4% in 2015-16. Capacity additions, improvement in urban consumption demand and revival in mining activity will be the growth drivers. This will be higher than the 2.8% growth recorded in the preceding year.
The digest this month has interesting incites on Konkan and Vidarbha. These two regions indeed need greater attention in order to achieve balanced economic growth of Maharashtra. MEDC has taken up the case of development of Konkan in eco-friendly manner with the Government of Maharashtra, Ministry of environment. The need to prepare an eco-friendly plan was discussed at length with the Hon. Minister. Our proposal is awaiting approval. We hope that this time the government machinery moves faster.
Vidarbha was earlier part of Central India, CP and Berar and when it was merged with Maharashtra it was demanded that Nagpur should be made second capital of the State. Ever since the formation of State, there has been demand for a separate Vidarbha. Since our Hon’ble Chief Minister comes from this region, we feel no injustice will be done to this region while it is part of Maharashtra. We therefore in this issue have an article that talks about the “Roadmap for Vidarbha”. We hope that Government takes effective measures to implement it.