At the Airtel and Economic Times Global Business Summit, 2015, Paul Krugman, Nobel laureate and economist, said, “India can be a country of the future and in general its prospects are brighter now than they’ve been in the past.” He feels that India is a country to watch out for. In his special address at the summit, he compared India’s problems with China’s. Though India is not completely free from the shackles of umpteen problems but it has great potential to emerge strong at the global economy. In order to perform brilliantly, Krugman asserted that, India must show a remarkable performance in the area of infrastructure. Reforms must be carved out to improve this field and the other.
The summit was attended by a number of economists and industry chiefs. They pondered upon the future of Indian economy under the new government, which is keen to push it ahead by introducing a number of reforms.
The renowned economist, Jagdish Bhagwati, who is a strong supporter of Modi’s policies, believes that the Prime Minister will lead the economy by putting an end to the monopolies which had resulted in unscrupulousness in India. He expects to see the revival of the invisible hand (market) during the Modi government’s tenure.
Kiran Mazumdar-shaw, Biocon CMD, suggested self-certification of businesses to further boost up the economy. A number of suggestions were passed to accelerate the speed of economic growth at the summit.
Where does India lack? Well, the arenas are several but the solution is single, i.e. the reforms. Revival of Indian economy is possible only through reforms in the field of education, politics, taxation, welfare policies, infrastructure, healthcare, governance, economic growth etc. India definitely has the mighty power and the strength to overcome dreadful challenges. It is one of the fastest developing economies in the world. Krugman made an interesting distinction between a country’s ability to grow fast and its ability to weather adversity. India has escaped several faulty clauses such as under-development, illiteracy and economic crisis. All these sign show positive future of India ahead.
The government has initiated reform measures and expressed hope that the 2015-2016 Budget would be “impactful”. The muffled cry of the tax system has been heard by the policy makers to revive it at a fast pace. But the concrete objective of the measures remains the “welfare of the needy”. The Prime Minister asserts that the government will be for the poor.
Country’s true aptitude can be realised only when efforts are made to lift the millions out of poverty. When the country shall be free from poverty, only then it will lead the global world order.
Riya Kakkar
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