Revival Of Indian Economy (2021)

2020 can be said as the worst year of Free India. For the first time in the history our country has faced a financial crisis. Our economy has showed continuous negative growth rate in two quarters of financial year of 2020-21. In the first and second quarter the growth rate of India was -23.9percent and -7.5percent. But in year 2021 our economy has started improving and many world institutes have predicted a good growth rate of Indian economy in 2021. But there are many sectors which have to be improved for the better growth of the Indian economy.

INFRASTRUCTURE

There are many infrastructure project which are pending or facing delays. Therefore our government have to invest in this sector. Government can inaugurate new project in the region which is facing connectivity issues like north east States, ladakh and rural areas of India.

Creating road, railways, airport and seaports generate many opportunities of employment for skilled and unskilled labour's.

Other than employment better infrastructure provide good logistics and supply for manufacturers and industries. So that it will also attract foreign companies to open there manufacturing units in our nation.

UNEMPLOYMENT

At March 2020 a Nationwide lockdown was imposed all over India as corona virus had entered the Indian borders. Due to it many workers and labour who were surviving by their daily wages have lost the source of income which pushed many people to poverty. Even though the lockdown have been removed but the problem of unemployment have not been solved. During this point the unemployment rate is very high.

The government have to invest in infrastructure, manufacturing and have to support small and medium businesses and in agriculture sector.

Government have to fill up the vacant seats of government jobs and government have to implement easy business policy. These are the sectors which create a lot of employment for the labours

INCREASE THE EXPORT

Since the independence India has been a huge market therefore many foreign countries always tries to import in India but in return India have never exported much to other countries if we compare it to our imports. So if we export our goods to other countries it will bring more foriegn   currency to our nation and ultimately it will make our economy strong.

CONTROL THE INFLATION

In economics, inflation (or less frequently, price inflation) is a general rise in the price level in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. The common measure of inflation is the inflation rate

If the inflation rate increases then the increase in gdp growth rate will don't do any favour the local people therefore government have to control the inflation at the same time.

CONTROL THE PRICE OF PETROL AND RUPEE

India use to import more than exports and around 40 percent imports are of crude oil that's why when the price of crude oil increase the value of rupee falls. To tackle this problem government have to complete the deal of pending oil refinery to be built in Maharashtra with a collaboration with Saudi Arabia. This deal will help to decrease the price of petroleum products. In long run we have to replace the normal vehicles to electric vehicles this will ultimately reduce our imports.

COMPLETE THE VACCINATION PROCESS 

The process of vaccination should be completed as soon as possible because only after the vaccination people can move freely in public places and can do their work without any fear.