12-30-2011, 08:52 PM
The rate of economic growth in India has slowed down this year. According to experts it will be around 6% at the end of the current financial year. There are several reasons for this slowing down. It would be incorrect to attribute it entirely to the present recession of the major economies of the world. It is only one of the factors attributing to this slow down.
During the second UPA no major reform has been introduced with success. Whenever, any attempt has been made by the Government it has not only faced opposition from the opposition parties but also from its own constituents like the Tirnamool Congress, DMK and others. As a result of these oppositions , it has not been possible to introduce ant major reform in the economy.
On the other hand , the Government to maintain its popularity has introduced several populist measures and has increased the various subsidies . This has resulted in eating up the vital resources. Consequently, the infrastructural development has also slowed down. Almost every new economic measure has been opposed and now its ill effects are becoming visible.
It is high time that all major political parties should come to an understanding on vital economic issues and allow the government to introduce certain hareââ¬â¢s measures. Some of these measures will be imposing additional financial burden on certain sections of the public but that is inevitable if the downward trend needs to be stopped.
The time has come when politically hard decisions like reduction in subsidy on certain items needs to be introduced. If resources are not generated at the earliest, many of the developmental and infrastructural work will remain unfinished.
During the second UPA no major reform has been introduced with success. Whenever, any attempt has been made by the Government it has not only faced opposition from the opposition parties but also from its own constituents like the Tirnamool Congress, DMK and others. As a result of these oppositions , it has not been possible to introduce ant major reform in the economy.
On the other hand , the Government to maintain its popularity has introduced several populist measures and has increased the various subsidies . This has resulted in eating up the vital resources. Consequently, the infrastructural development has also slowed down. Almost every new economic measure has been opposed and now its ill effects are becoming visible.
It is high time that all major political parties should come to an understanding on vital economic issues and allow the government to introduce certain hareââ¬â¢s measures. Some of these measures will be imposing additional financial burden on certain sections of the public but that is inevitable if the downward trend needs to be stopped.
The time has come when politically hard decisions like reduction in subsidy on certain items needs to be introduced. If resources are not generated at the earliest, many of the developmental and infrastructural work will remain unfinished.