How to revitalise Indian economy?: Answer is here

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In a country with 79 crore people below the age of 34 years, such an economic trend requires urgent attention. The situation in the next few years on employment generation also looks grim because of automation and artificial intelligence. The monetary policy of the Reserve Bank of India (RBI) announced on December 6, 2017, acknowledges that the growth of real gross value-added accelerated during June to September of 2017-18, after five consecutive quarters of deceleration. While industry registered higher growth, agriculture slackened and services decelerated mainly on account of slowdown in financial, insurance, real estate, professional services, public administration, defence and other services. Construction activity remained tepid and growth in private final consumption expenditure slowed to an eight quarter low during Q2. The IIP data released on December 12 for October 2017 reveals that manufacturing is expanding at lower pace than corresponding period of previous year. Similar is the trend in all categories of use-based production with performance in consumer durables at -1.9% during April-October 2017 and -6.9% in October 2017. The annual rate of inflation measured through wholesale price index has increased to 3.93% and consumer price index at 4.88% for November 2017 compared to 3.59% and 3.58%, respectively, in October 2017. Further, high frequency data, according to RBI, suggests a mixed picture of industrial activity in Q3. Read more at: https://www.financialexpress.com/opinion/how-to-revitalise-indian-economy-answer-is-here/983646/

Publication Date

21-12-2017

Publication Title

Financial Express

Publisher

The Indian Express [P] Ltd.

Keywords

Economics, Indian economy

Source Link URL

https://www.financialexpress.com/opinion/how-to-revitalise-indian-economy-answer-is-here/983646/

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