Economy can be treated like a stream in the river, as the stream decides the flow of the river so does the economy in the lifestyle and overall growth of the nation. Talking broadly about our Indian Economy, it is primarily based on the Agriculture and its allied activities, as more than 65% of the manpower and almost 46% of the total land area is under direct agricultural activities in India. Besides, the Industries, the share market, the various businesses, increment in the FDI are a few major actors in the movie named as, The Indian Economy.
There has been a tremendous amount of fluctuations and turbulence in the recent past in the progress of our economy due to a number of factors some of which really needs to be taken care of in order to boost and enhance our economy to a greater extent and stand firm as a great example in front of the entire world.
Five point boost up
1. Removal of FDI in retail, defense and other sectors in India: Our nation has enough manpower, resources, technologies and infrastructure to stand alone and deliver the progressive performance in the growth and development. FDI which we also know as Foreign Direct Investment is an indirect curse and loss to the nation as it has affected the local manufacturers and local market adversely and even the small and middle level investors. It multiplies money by introducing almost every commodity from other nations and selling them out here at high prices and indirectly hampering the local made products which we people refuse to buy due to status-quo or quality standards.
Looking at the advantages, FDI will bring employment, better quality for consumers, investment in tier-2, 3 cities, low prices, availability of products.
2. More power to market and industry regulators: Those who capture the market and hold great position should be given some freedom and relaxation so that they can bring in more flexibility and volatility in the market. Strict Government Rules sometimes makes implementations of certain lucid policies difficult for them. Likewise the Industry regulators must also be set a bit free from laws to help them explore their services.
3. Check on artificial scarcity and hoarding: It has become one of the soft practices by some bureaucrats and government officials to create artificial shortage of goods and commodities for a certain period of time to earn more profits and introduce foreign goods as the procurement of that shortage being created. So, this unnecessary artificial shortage and hoarding needs to be checked and controlled.
4. Limiting Number of schemes and subsidiaries: There is an immediate need of shortening the various centrally sponsored schemes and subsidiaries as it makes the livelihood of the common man and the business aspects of the Angel Investors go in the dark. Revision and curtailing of a few policies and subsidies is really a need of the emerging society in terms of betterment of the economy of the nation.
5. Time limit for the Government projects to be completed: Government projects that get sanctioned with thousands of crores of money and then progressing even slower than a turtle`s pace, contributes drastically to the adversities of our economy. Politicians, bureaucrats. There should be a time limit on all the projects, it will enhance the process and put a check on frauds and misuse of the national assets.
Thus, these major factors can really help in boosting, enhancing and uplifting our India Economy to become one of the powerful and dominant economies on this planet and thereby turning us towards a developed nation from a developing nation.
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