India at 75 : growth of a nation ,200 words essay
Answers
Answer:
no 200 words!!!!omg
Explanation:
but its worda not lines:)
Explanation:
Objectives
Accelerate gross domestic product (GDP) growth rate in a inclusive and sustainable manner to about 8 per cent during 2018-23.
Investment rate should be raised from 29 per cent to 36 per cent of GDP by 2022-23.
Increasing total exports from USD 478 billion in 2017-18 to USD 800 billion by 2022-23.
Current Situation
The share of manufacturing in India’s GDP is low relative to the average in low and middle-income countries.
Capital intensive sectors have witness higher growth in manufacturing such as automobiles and pharmaceuticals.
India hasn’t been able to capitalize fully on its inherent labor and skill cost advantages to develop large-scale labor intensive manufacturing.
India is also grappled with complex land and labour laws.
There is a need of generating good quality jobs to cater to the growing workforce and to absorb out-migration of labour from agriculture.
India has had strong macroeconomic fundamentals including low and stable rates of inflation and a falling fiscal deficit. However there is a need for structural reforms that address the binding constraints for a more robust supply-side response.
Way Forward
Raising investment rates to 36 per cent by 2022-23
India’s tax to GDP ratio (17%) is very low and it should aim to increase its tax-GDP ratio to at least 22 per cent of GDP by 2022- 23.
There’s a need to rationalize direct taxes for both corporate tax and personal income tax, ease tax compliance burden which along with demonetization and GST will boost India’s tax to GDP ratio.
Higher public investment in housing and infrastructure will create large multiplier effects in the economy.
Government should exit central public sector enterprises (CPSEs) that are not strategic in nature, which will attract private investment and contribute to the exchequer, enabling higher public investment.