A new economic strategy

03 JAN,2021 | MEDC


 

The year has ended on a sombre note. The pandemic has induced massive changes in economies worldwide. With private investment and consumption on a downward spiral, fiscal austerity is no longer optional. Covid is likely to spur more automation throughout the economy and possibly a limited shift of resources closer to their respective markets, as logistics increasingly becomes an issue. However, China’s supremacy as a global manufacturing hub is not likely to end anytime soon. India must recognize that fact and join hands strategically with its powerful neighbour, making its terms of engagementunambiguous at the outset. Public healthcare needs to be prioritized, and an emphasis on it will probably be a central feature of all our future Budgets. In a world of vocal for local, the concept of Atmanirbhar Bharat is more than symbolic. However, its imprint in Budgets and policy statements needs to be seen more clearly. There is a long, challenging and interesting road ahead of us.

*Photo Credit: Google

 

 

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