5 Steps to Propel the Indian Economy

India is rising. The current political revolution led by Mr Narendra Modi is poised to propel India into an era of diversified and holistic growth. New businesses are writing success stories every day and the established ones are expanding into global leaders.

What are the steps that can be taken to propel the Indian economy into an unending saga of development, growth and prosperity. Well there are certain benchmarks which certainly require undivided attention.

 

Here are 5 steps to propel the Indian Economy to unprecedented growth

Maximum Governance

The first step towards wholesome development is the establishment of an effective, efficient and productive government with minimum bureaucracy and maximum productivity. Although the current government is working towards the achievement of the same but the process needs to be speeded up.

The old scenarios where files used to pile up and any government plan took forever to complete should be rendered obsolete with diversified digitization of the government sectors and increased penetration of the internet and other driving factors. The Government is the representative of the people and it should work towards leading by example and motivate the entire nation into working with a common vision and mission to propel the Indian economy into growth.

 

 

Increased Privatization

History has proven that privatization always leads to development and improves the quality and standard of life of the people in its effect. To propel the Indian economy effectively the extent of privatization needs to be increased. There are still numerous sectors which can hugely benefit from increased privatization like Railways, Military Development, Heavy Metals, Petroleum and Transportation etc.

Thus, simplifying business norms and increasing private stake in the country should be an imperative of the current government.

 

Simplified Taxation Norms

Let’s face it; the taxation system in India is quite complex and filled with numerous loopholes. This is the basic and most prudent reason in the ever rising black economy which has grown unchecked until now.

Simplified taxation means easy filing, simplified tax slabs and quick and efficient refunds. More steps should be taken in this sector in order to successfully propel the Indian Economy.

 

Benefits and Subsidies for Entrepreneurs

Innovation and Creation is the base over which an economy successfully develops. Thus the importance of entrepreneurs with game changing and revolutionary ideas is the essence through which we can propel the Indian economy into action and start an era of unprecedented growth and development.

We have seen that in the past few years numerous Indian start-ups like FlipKart, Zomato, Mu Sigma have risen to become global players and contributed a whole lot of goodies to the Indian Economy in the form of increased GDP, rising employment and improved quality of life. Thus more measures should be taken such as providing benefits and subsidies to aspiring entrepreneurs. For instance, the brilliant move to provide subsidies and tax benefits to women entrepreneurs should be expanded and men should also be included in such provisions.

 

Focus on Youth Bank

Every great leader in the history of mankind has stated that a country’s future graph can be precisely predicted by the current status of youth in the country. Until and unless they are not nurtured to develop into educated, moral and ethical adults with a penchant for learning, innovation and creation… until then, no country can successfully develop into a powerhouse.

Thus in order to propel the Indian Economy, youth development should be the prime focus of the government and the country and its leaders. Provisions should be made in order to empower the youth with quality education, quality nutrition and all the basic necessities which ensure a bright and prospective future of the nation’s youth.

 

Thus, we can see that the basic steps for development are not that complex and are just some simple issues that need to be fixed. With the current predicament of the nation in favour of growth we are bound to see changes in the time to come.