The Indian economy is currently weak. The new government will have to take immediate steps to figure out how to rebuild it.
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In this year's Lok Sabha elections, the issue of financial problems was not even discussed. The Indian economy is currently a bit weak. Many experts are giving advice on how to revive it and how to attract investment for it. On the positive side, the newly elected central government is a stable government. The government will not have to look to anyone's face and vote when it comes to economic policies as it does not need the support of any allied parties.
Financial stability in any country is essential for a steady flow of foreign investment. Because of this, a positive message reaches the world through the continuity of the government's goal policies. The excitement in the stock market as soon as we hear the news of Modi government's victory again shows how important economic stability is.
Such stability is essential for the functioning of the central government. This gives the government the power to make big and revolutionary policy decisions to revitalize the economy. In the last five years, the Modi government has made tremendous strides in bringing the economically weaker sections to the forefront. As a result, this government has found a place in the hearts of Indians, especially the low-income people across the country. Today, millions of people are looking at the current government with a sense of empathy to solve their problems. This sentiment is especially strong among the women because today, through the Ujjwala Yojana, these women have got a lot of access to domestic gas.
With the availability of domestic gas, thousands of women in India have been forced to wander around and collect firewood. At the same time, the stoves running on dung and biomass have also saved these women from the ill effects on their eyes. A new incarnation of gas, the "small" cylinder, is now very popular as it is getting cheaper and refilling is available immediately. It is now more profitable for rural women to bring new gas on the strength of increased income due to all these facilities.
Providing employment opportunities to women is a must for those who set the country's development goals. This will offset the significant decline in the number of women currently participating in the labor force and will lead to an increase in the balance.
The government needs to make huge capital investments to provide affordable housing in rural and urban areas. Importantly, if the government itself intervenes in this sector, it will give a major impetus to the construction sector and will also open up basic employment opportunities in both rural and urban areas. Similarly, if the government enters the agricultural sector with the same commitment, it will have a positive effect on agricultural income. This will include setting up of additional warehouses for storage of agricultural commodities, important development works like watershed development and the overall agricultural sector will be further developed. If adequate facilities are made available to the common farmers for storage of agricultural commodities, it will greatly increase their income. Because now he will not be afraid of falling prices.
The government has introduced a basic income scheme that will provide a minimum of Rs 6,000 per annum to the economically weaker sections. Even if such a meager amount is a mockery of the common man, others may think that the ordinary peasantry has a great basis to save that much. If the government increases that amount to Rs 12,000 per annum, it can be an even bigger support to such vulnerable families. This amount is especially beneficial for families who are living on a single woman's income. If the government decides to make better use of funds in such areas, it will definitely be a positive expenditure.
"Providing employment opportunities to women is a must for those who set the country's development goals. This will offset the significant reduction in the number of women currently participating in the labor force and will lead to an increase in balance. ”
During the first tenure of the Modi government, the work of providing electricity to the rural areas has been one hundred percent successful. But even today, in many rural areas, the required amount of electricity cannot be supplied continuously. Therefore, a major challenge for the present elected Modi government is to implement a planned program to ensure adequate and uninterrupted power supply to a total of 6.4 lakh villages in India. Whether it is rural cottage industries or handicraft garment industries, such uninterrupted power supply will definitely benefit them. The availability of electricity, on the one hand, will provide employment opportunities only at the rural level and will give a huge impetus to the arts that have been developed in the rural areas of India since time immemorial, such as handicrafts. Otherwise, in the face of manufactured goods in urban factories and now in abundance of Chinese products, it is difficult for rural India to survive. The great thing is that these local handicraft industries are also providing additional income to rural women.
However, India's exports do not seem to be growing as expected. Therefore, it is time for the government to pay more attention to it and take important decisions to increase it. India exports a large number of handicrafts, gems and textiles. All these industries require a large number of workers and their labor. Therefore, the government should focus on how to increase production in less labor by bringing modern technology in such rural handicrafts and food processing industries. Similarly, attention should be paid to how to provide high quality raw material to all these industries.
The government also needs to invest more in railway development, construction of more ports, deeper road network across the country and expansion of air transport facilities. This means that small and large cities will be better connected to each other. This work is very important. This is because if the rural and urban sectors come closer in this way, the rural areas will also be able to expand the industries required for the development of the country. This kind of milling is going to play an important role in reaching the winds of progress in the rural areas. For this, there must be good communication system between each other. It is clear that the new government needs to make such infrastructure a top priority across the country, and of course it will require a lot of government funding.
It is no longer useful for the government to get its hands on education and health care. If the level of primary education in India does not improve in the next five years, it will have a major impact on the employment sector in India in the years to come. Because then it will be a waste of time for Indians who are relevant and have the necessary skills. The government also needs to provide more funds for the Ayushman Bharat health care scheme. At present, the central government is providing Rs 12,000 crore for this. But if it increases, it will benefit a large section of the society. In addition to this, there is a great need for each state government to expand the scope of facilities in the primary health centers coming under its purview.
This simply means that it would be difficult to keep the deficit on the country's gross domestic product (DGP) at more than 3.4 per cent if all these schemes were to be funded. This is certainly not to the liking of economists who advocate a free economy with a strong emphasis on economic discipline. But at a time when the country is in dire need of such a large investment, what is the point if the fiscal deficit goes a little beyond the norm?
At present, however, the source of capital investment from the private sector is not expected to continue to flow and there are no signs of any positive change in the near future. This is because the markets are cold as the bulk of the goods in the market are not getting the desired rise. The good news, however, is that the International Monetary Fund (IMF) is no longer in control of its responsibilities. Similarly, if the government implements the above decision and the country faces some financial problems, then there is no need to worry about the comments of international credit rating agencies about India's financial sector.
On the contrary, the World Bank, the International Monetary Fund and the O.P. E. C. D (Organization for Economic Cooperation and Development) itself has predicted that India's growth rate will reach a good lead in 2019-2020. Of course, if this is to be achieved, the government will not be able to reduce corporate taxes, and at the same time will need to make major improvements to the tax collection system, even if big industries are expected to do so.
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