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Back to Basics, Indian Economy

Though we are liberalized economy but we have not yet achieved the endeavour of our economy. We have our own virtues but there are number of problems in our socio economic society. We have number of politicians who lead our system but still we are not on optimum level. Due to the corruption and lack of vision we have been lost in development path. We have not been able to capitalize our good factors towards the economic growth. Earlier we thought that population is a major problem for us but now we have started looking at them as resources but still population is definitely a resource if we can provide a right direction otherwise they can be anything than a resource for our country and economy.

Source :- Flickr


We have a very glorious and successful history but we need to replicate our success stories to remain successful and meaningful. We have to change our thought process towards the development of nation and economy. We have a strong government and the government is trying to do a lot but the results are not visible at ground zero and people do not find share of benefit. We need to wait for the results because the correction in system requires time and energy. Untill we all will speak similar language on national issues it would not be possible to align our goal towards development of economy. However, at this juncture of new hope, we need to workout on fundamental aspects of our nation development towards skill development, better trade balance, , infrastructure, sustainable development of states, rural upliftment, financial inclusion, judicial reforms, security and above all social justice.


We need to work hard for manufacturing sector development, the GDP contribution of manufacturing sector must improve; this will increase the job opportunities for our young population and which will yield better life style. For that we have large number of workforce we need to provide them suitable skills. We should have world class education facility. It is the common responsibility to develop the nation. It is an emergent situation to develop skills and provide better environment.


This will further enhance our balance of trade and we shall be more self-dependant. In today’s scenario no one can be completely self-dependant but we can put efforts to make our positive balance of payments. We should gear up our infrastructure and capabilities towards our manufacturing and service sector to become self-dependant. But this strategy must not isolate us from the world as India is a huge market and it is meant for global suppliers & service providers. To make our dream come true we shall have to Make in India initiative successful.


We need to be focused on our basics we are still an agriculture based economy and this is our strength. Agriculture sector should not remain under privileged the development and better life style must reach to our villages and all the basic amenities must be available to last man in this country. Still numbers of villages are there where there is no electricity, no. telecommunication and no connectivity from the nearby cities and if they are there for the sake of name then there condition is very miserable. The soil health card and crop insurance are the talk of the day but the benefit is not visible the preceding governments have not done much in this area. All the time agriculture have been in prime agenda items of the governments but they have not taken proper steps to make the agriculture better. The prices of the products are soaring but the benefit of the things is not reaching to the real farmers. A middle level system is so much string that they are making profit out of this.

SOURCE :- Google



Nevertheless, there is still parallel economy is running which is not being regulated by the central bank and there is no control of Ministry of Finance over said parallel economy. The financial inclusion programme started by government is good but that has not reached to the account holders in true spirit. A significant population has no/low access to banking system. This is an obstacle in financial system of our country. The banking system should be made more easy and understandable to a common people. The bankers should extend the hands of support to the under privileged. The number of branches in rural sector should be increased.


We need to build our infrastructure upto the mark be it urban infrastructure, rural infrastructure, education, power, health, public convenience etc. We need to strengthen our SEZs, EOUs and other commercial markets. We have to go a long way on every spectrum of infrastructure. This is the prime domain of government and government is required to work hard in this area to make the life of people easy and better. If we can provide good infrastructure then there will be no problem of migration but it would be only possible if the things will reach to the people at their door step otherwise the migration problem will remain intact and we would be helpless in creating resources in the major cities of India.


There is need of reform in judicial system and old laws. The laws should be contemporary and easy to understandable for everyone. We have very complex tax structure which is unable to attract the new business entrepreneurs in India. The government is trying to do something in this regard but the steps are not sufficient. Only making a system is not sufficient we have to adopt the easy way in our day to day life. It should be supported by the bureaucrats. The mechanisms of single window clearance have been made by number of governments but we have to see is it relay functioning? The parliamentarians have to work and pass good legislations which are relevant in present scenario. Number of legislations is pending before parliament and the fate of these legislations are still unclear like GST, Labour reforms and Land Bill etc. We need to align our laws on global standards only then the Make in India can become successful. But, in this we have to secure the interest of the people and balance between the workforce and entrepreneurs. Nevertheless, we have to make effective implementation system for better enforcement of laws. We have to develop a system for time bound redressal of disputes.


However, inspite of all these facts government has to do a lot for us be it infrastructure development, education, healthcare, and better judicial system but at the same time we all have to share our own responsibility towards the nation building like nation is first we have to think about our country irrespective of religion, caste or region. If we would not be able to do this then number of external threats are there who are just waiting for opportunity to destroy our nation, our culture and our diversity. If we shall no bear our share of responsibility then the development and steps taken in this direction will not be of any use. We have to take forward our legacy first. We should value the sentiments of each other to be a safe and better country. We have to collectively make our nation incredible!


Startup Scratch team