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In the last decade, India has witne ed mixed periods of economic growth, with the country recently retaining its tag of being the fastest growing economy in the world. However, this neo-liberal approa...
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This one decisive move will unify India’s tax architecture, make manufacturing efficient, boost ease of doing business and usher in a virtuous growth cycle in India for several decades up to 2050.
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For how long can India afford to depend on the vagaries of the monsoons to determine its growth? Let not the bountiful rains this year give us the easy option of postponing the challenge of ensuring India’s water security for an uncertain future. We have to commit to the basic 5 Ps of water management in India.
India may emerge as the "must invest destination" among emerging markets for strategic and financial investors in the wake of global uncertainty.
In the Reserve Bank of India's second bimonthly policy review, RBI governor Raghuram Rajan decided to adopt a cautious stance and maintain the status quo despite a compelling case to cut interest rates amidst a favourable monsoon outlook, consumer price index (CPI) inflation in line with the RBI's projected path, the government's progressive reforms, fiscal consolidation and the need to nurture growth.
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It is with a "balanced growth" lens of ensuring "sustainable economic development" that I prefer to look at Modi's two years in office. Many of the Prime Minister's schemes and missions have collectively set the right tone from a balanced growth perspective, including, among others, the 175 GW solar mission, the Swachh Bharat Campaign, the GiveItUp LPG Scheme, Jan Dhan, and Aadhaar. However, all great plans must be executed, which requires a fully functioning Parliament...
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The production of handicrafts is (after agriculture) the largest source of income among rural populations -- an estimated 11.65 million Indians were engaged in craft production in 2013. This is expected to grow to 13.93 million in 2017 and 17.79 million in 2022. Data from unofficial sources indicates that up to 200 million artisans depend on their crafts for a livelihood, suggesting the need for a more rigorous mapping and understanding of the sector.
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In addition to being the world's fastest growing economy, India also offers the fourth largest ecosystem for start-ups, driven by an extremely young, diverse and inclusive entrepreneurial landscape. I firmly believe that India is going to be revolutionized by the DICE (Design, Innovation, Creativity, Enterprise)-led entrepreneurial economy.
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Reviving the agrarian economy, which has seen distress on the back of two consecutive droughts, has been the fulcrum of the Budget this year, with a total allocation of ₹87,700 crore for rural development. The FY17 Union Budget has also clearly been guided by the principles of <em>saamaajik vikas</em> or social development.
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For a behemoth organization like the Indian Railways, it is always difficult to create immediate short-term wins, as the revenues, investments and processes are relatively inflexible. In this light, we must credit the Minister for delivering on more than 139 promises which were made in last year's Budget, but also laying out a very clear three-pillared strategy for reorganizing, restructuring and rejuvenating the Indian Railways.
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I am confident that the right fiscal action, coupled with the turnaround in the global economy, will boost India's economic and industrial growth to the next level, and make 2016 India's year. Here are 10 recommendations that could be instrumental in this regard.
The primacy of economic development in governance and progressive reforms to facilitate investments are hallmarks of the Narendra Modi-led government. Legislative facilitation is crucial to provide further impetus to this growth momentum. The ongoing Winter Session is all the more significant because of key bills that will come up for consideration before lawmakers. Among these, legislations on Goods & Services Tax (GST), real estate regulation, MSME and labour reforms stand out for their long-term economic impact.
While previous talks have left much to be desired, both the countries need to rethink their strategies and engage in some out-of-the-box thinking towards setting an example of how to lead the world economy through multilateral as well as bilateral ties. As PM Modi completes his second visit to the West Coast and Silicon Valley, India and the US need to address five specific issues, which in turn can assure investors.
Marked divergence of opinion across the political spectrum, especially on economic matters, has become a characteristic feature of our democracy. This has polarized our domestic polity to the extent that legislative proceedings of the monsoon session are now in a logjam and passage of key economic bills are held up. Estimates indicate that the national exchequer is losing Rs 2 crores a day due to parliamentary disruptions.
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Even as we credit the government's accomplishments in its first year of office, it is imperative that we realise that structural changes to a country's socio-economic fabric do not materialise overnight. There has been some scepticism of late, but on the whole most stakeholders will need to be patient so long as the direction of change remains positive.
The endowment of strong political mandate makes it imperative for the NDA government to accord top priority to reignite economic growth momentum using fiscal levers in a fortuitous environment of soft global commodity prices.