India is facing an uncertain future in the wake of one of the worst economic crises.
Post lockdown – immediate Reforms in hospitality, tourism , and easing the way for entry and investment while protecting the consumer experience, could be India’s new path to economic development. … And there are plenty of Indian experts, some within the government itself, who can guide the reform process in specific areas.There are signs of deep malaise in the Indian economy. Growth is slowing significantly and there is currently little fiscal space available to the government to spend more. Corporate and household debt is rising, and there is deep distress in parts of the financial sector. Unemployment, especially amongst youth, seems to be growing, as is the accompanying risk of youth unrest. Moody’s just sounded the alarm on India’s credit rating. Given that in late 2017, even after the economically ill-advised demonetisation and the poorly implemented roll-out of the Goods and Services Tax (GST), Moody’s had upgraded India’s sovereign rating, it can hardly be accused of bias. Repeated government allusions to a $5 trillion economy by 2024.While the COVID 19 disruption has created a huge challenge for the Indian Economy.We can only wait , be at home to be alive and then see where the wind will flow after the lockdown.Till then, stay home and stay safe.
M Q Syed Editor-in-Chief