The present slump in the world economy is an opportunity for India to perform well keeping aside the political differences among the parties and concentrating on economic growth.Inflation is on the decline and the supply side constraints need to be further removed.The instituions set up for various purposes should be made more accountable and deliver the goods.What the economy needs is accountability from all categories of people particularly politicians,bureaucrats,industrialists and professionals. The various administative,regulatory and supervisory wings functioning in the economy need to concentrate on their role and responsibilities and see that their contribution is reflecting in the economy.The foremost requirement of the economy isto ensure that the data inrespectofGDP,Poverty,employment,inflation,exports , imports tax collections,deficit,etc have some interlinkages and reflect more or less the realities. Corruption and black money create havoc in the economy and distort the very fabric of the economy leading to chaos in the implementation of polices. Infrastructure is the basis for economic growth and all efforts need to be made to strengthen it without allowing politics to interfere. Involve midle class and lower class as part of decision making in some segments to ensure that implementation of certain policies is a grand success.Create awareness about the need for the growth of economy and its benefits to the nation among the masses.TheGovt has to do the needful.
T.V.Gopalakrishnan
(This appeared in ET dt 1/1/2012).