The Economic Survey 2018 has estimated that the Indian economy will grow by 7-7.5% in 2018-19, thereby re-instating India as the world’s fastest-growing major economy.The Survey says the second half of Financial Year 2018 can clock 6.75% growth.
I believe that the long-run prospect for India is excellent and may be better than that of any other emerging economy. It is therefore incumbent upon us to try to dissect why the economy is doing poorly now, and to make policy corrections.
India’s grand strategy has evolved significantly since independence more than 70 years ago, but the country has had mixed success in achieving its objectives.The rise of China and a dangerous impasse with Pakistan pose new challenges to New Delhi and are pushing a reluctant India into a closer partnership with the United States.Despite key successes, India’s economic problems are huge, and they remain the biggest barrier to rising to great power status.
Public investment in social infrastructure like education and health is critical in the development of an economy. However, the expenditure on social services by the Centre and States as a proportion of GDP has remained in the range of 6 per cent during 2012-13 to 2014- 15. There has been a marginal decline to 5.8 per cent in 2015-16 which has further moved up to 6.6 per cent in 2017-18 (BE).
The data of 29 states, sourced from ‘State Finances: A Study of Budgets of 2016-17(RBI)’ have shown upward movement in expenditure on social services (as a percentage of GSDP) from 6.0 per cent to 6.9 per cent during 2014-15 to 2016-17 (BE).”
India would have a $5tn economy by 2025.Investing in India, travelling to India, manufacturing in India has become much easier than before.Data released by the International Monetary Fund in Davos suggest the Indian economy will grow 7.4 per cent in 2018, which would put it roughly on track to meet Mr Modi’s target.The Indian government recently loosened restrictions on foreign investment in some sectors of the economy, including real estate brokerage and retailing. But some of Mr Modi’s moves — notably the “demonitisation” that removed as much as one-third of India’s outstanding currency — caused significant disruption to business, blighting his claim to be an economic reformer.
INDIA NEEDS BOLD REFORMS IN MANUFACTURING, INFRASTRUCTURE & AGRICULTURE SECTOR.
India Leadership Conclave attempts to revisit the state of the affairs of the country in its 9th Annual successfully executed annual edition with a strong focus on fixing india’s fundamental flaws that are weakening indian economy. To me, if addressed well, india will be a nation to watch for & i second my thought with Prime Minister Modi that india will be the three most powerful nations in the world.
More than 400 industry leaders, diplomats, policy makers, social activists, business tycoons, rebel leaders are expected to attend the much awaited annual affair including delegates from the middle east, Europe & asean countries. The grand conclave ILC 2018 will also felicitate leaders & Companies for the remarkable performances for making india move, proud & prosper.
I look forward to welcoming you at the historic 2018 conclave!