Exports, foreign investment, foreign reserves, etc. are undoubtedly extremely attractive and much sought after for the growth of any economy. When our mission is self-dependency, our plans and actions should be dependant upon the domestic economy. A strong domestic economy is the dream of any nation. India has an abundance of natural resources, talents, workforce, will-power, and other required resources to build a self-reliant economy.
Instead of aggressively boosting government-owned infrastructure projects, stress should be given on boosting industries. Government machinery should be employed to explore new metals that are more profitable products for generating foreign reserves.
Natural gas’s competitive price is an essential requirement for many industries to compete on a global manufacturing platform. Mountains are rich sources of natural gas, India has been gifted by mother nature with lots of mountains and can be extremely helpful in curtailing import of natural gas, which will save substantial outflow from foreign reserves and help in competitive pricing.
Natural gas is one example, and there are several such opportunities.
The automobile, real estate, and hospitality industry, when combined, have the potential to support every industry and generate/revive the level of employment. There are several SSI and MSME which directly depend upon automobile manufacturers, hotels, and real estate construction.
Imagine parts required in the car, and one can see products from several industries assembled in a small car, such as textiles, electronics, steel, rubber, glass, paint, etc.
Similar is the case with the hospitality industry. Imagine a hotel, and one can visualize artistic handmade products to niche engineering marvels put together to create ambiance and comfort.
To own a home is a dream of any and every ordinary person. Real estate is not only one of the major employment sectors but also a liquidity circulating machine for any economy.
Following are some suggestions which can boost/revive economy speedily:
These majors can attract investment from savings and help in generating/reviving employment.
The parallel economy plays an essential role in the prosperity of the economy. At the same time, threats from cash transactions also cannot be ignored. The ideal solution is to impose a transaction tax on saving accounts, and no other tax-related laws should be applied on a savings account; this will help in getting liquidity to the banks and increase in the number of bank transactions, which can increase tax collection.
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