Economic Issues in India
Earlier India was known as “Golden Bird” but with passage of time this title became void. It lost all its wealth and richness but after liberalization the scenario changed India started progressing and innumerable economic reforms took place.
Still, there following economic issues are hampering growth rate of Indian economy
Fiscal Deficit- Indiais suffering from fiscal deficit as government’s excessive expenditure is hurting balance of payments.
Inflation- The spiraling inflation has entangled India badly. The daily things that we consume have become so dearer that a common person needs to think several times before purchasing that product.
Poverty- Poverty is lingering problem in India that is hampering its growth. The funds provided by centre are misappropriated by State Government and hence the funds allocated for poverty alleviation schemes don’t reach poor people.
Lack of key infrastructure- With the revival of economic growth the demand for key infrastructure soared but still our infrastructure services like power, roads and other basic amenities remain incomplete.
Shortcoming in Social Sector- The shortcomings in social sector can’t be ignored. Social sectors such as education, health, water supply, sanitation remains cause of concern. The constitutional provision of making basic education free is still a distant dream.
Industrial Growth is slackened- The pace of industrial growth has been slackened. Some of factors are cyclical that will be corrected automatically but for still others need stringent govt rules and regulations. On the policy side govt should impose broad array of measures to boost export growth, revive the primary capital market, utilize monetary funds in optimal way and develop fiscal and monetary policy measures to boost demand for core industrial sectors.
Terrorism- Still this issue haunts up terrorist activities like Mumbai blast has made our economy vulnerable.
Hence, India needs to be active in curbing all these issues to attain status of super power.
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