I reckon, some economic indicators like inflation, unemployment, lack of new job creation, low performance in automobile sector, fall in wage rate in rural India, etc. are causing slowdown. But I seek experts' view on this and most importantly wanted to know about the quick measures that can be taken by government for revival of Indian economy.
Dear Bidhan K. Mohapatra ....
The causes are likely complexly interrelated, within India as well as to the global economy. Besides economic and political factors, some social and cultural factors are also likely in the play.
While this is not a specific answer to your question, the following project is tracking the connections of BRICS nations -- to each other, to global economies, especially G7. Numerous general media items are posted at the project site, and occasionally academic articles and studies also. The "Project Log" section may offer some insights and ideas:
BRICS and New Globalization
https://www.researchgate.net/project/BRICS-and-New-Globalization
- ″India could increase its trade footprint in (the) midst of the US-China trade conflict, particularly under categories on which US has imposed tariffs on China,” (DBS Bank, Singapore)
- India could benefit by $11 billion as some manufacturers move production to the country.
- Nevertheless, businesses in India face some challenges, including the need for land and labor reforms, as well as the lack of infrastructure.
For immediate revival of Indian Economy by taking these measures will bring out some solution to come up
The Indian Government has to give Auto sector incentives to invest and shift to electric vehicles which could be an alternative to petrol . They can change GST collection to quarterly for companies below Rs 1 crore Government has to reduce the GST slab rates at once. Execute the Direct Tax Code, cut income tax for the bottom slab Enhance the credit flow to both consumer and industry Consider to reduce real interest rates by 135 basis points as cost of capital has to come down
Encourage Small scale industries because production by mass more important than mass production.
Moreover, it needs to be considered for more developmental areas of the economy as well.
Regards
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