16 SEP,2019 | MEDC
The government has recently completed 100 days in office. While some key geopolitical decisions have been made in the first hundred days, the next hundred need to focus on the economy, which is currently experiencing sluggishness. Economic growth has fallen to a six-year low of 5% in the first quarter of the current fiscal year. In nominal terms, growth has touched a 17-year low. The global economic environment is also not favourable to us. However, our problems are more domestic than global in nature. Issues persist pertaining to corporate and environmental regulatory uncertainty, as well as lingering weaknesses in some NBFCs. Investor confidence should be restored, through a solid and consistent reform package. The ease of doing business in India needs to be further enhanced. Management of government finances (including the all-important relationship with the RBI) also needs a serious rethink. India has a stable government with a clear majority, and so the time is ripe to make fundamental changes to promote economic growth.
*Photo Credit: Google