5 ways to improve the Economy of India

The focus of our Indian government is on reforms that can revive the Indian economy. The main aim must be to increase the growth output without compromising on actions needed. Some reforms like GST and Implementation of FDI are bigger, but their impact on the life of a common man is minimal. Many reforms done by the government are only administrative in nature. Reforms that have a larger positive effect on the life of a common man are needed now and the below five reforms, when implemented, will push our economy to new heights.

Increased Agricultural Growth

The general trend is that people start work in agriculture, then get skilled in moving into factories and then with an increase in their financial condition, move to towns & cities. But the current scenario is different. The Industrial sector has more than enough workforce now. The growth of A.I. and Automation has resulted in a reduction of manual work. Further, people looking for jobs are far greater than the number of jobs being created.

For this situation to change, the focus must go back to agriculture. The government must train more people on agriculture and different ways of farming. The government must provide technical support to youngsters who wish to take up farming. For the next 10-20 years, the focus of the government must be to improve agriculture in our country.

Creating a National Water Grid

The Indian Monsoon is unpredictable. In some places, we get excess rainfall, while in many others, it's scanty. Hence, for all the regions to get adequate water, the National Water Grid must be implemented. For this to happen, the government must set up a National Water Council, which will work out the water-sharing agreements between states and union territories. This National Water Grid must be implemented in a phased manner with the agreements reviewed every 3-5 years.

Right to Uniform Education

The Right to Education is a reform that has helped many students in a big way. But the full effect of it has not been implemented yet. It must be altered as a Right to Uniform Education, a fundamental right to provide uniform education to every child in India. It must not only concentrate on school education but also help graduates to improve their skill levels. Proper world-class training must be given to graduates in Industrial skills & vocational skills.

Empower Communities

Lots of people-driven communities work for the upliftment of people. The government must help these communities to increase their social activities by ensuring compliance with the laws governing their operations. The power to control and use Natural Resources & Minerals in the respective states must be given to the communities present there. They must work together with the industries present to use these resources effectively in a proper manner. The profit obtained from the use of these resources must be shared between the respective state governments, industries, and these communities.

Increase Economic Stability

The current economic climate is very uncertain. Lots of rumors about an economic slowdown is going around. People are not ready to invest in such a situation. To calm down the situation and to boost investments, some steps are needed to be taken by the government. 

1. The flow of Capital and Liquidity needs to be increased. Banks and other financial institutions are facing a liquidity crunch. The government should help them with cash support. 

2. Most of the NBFCs are facing a difficult situation. The Government can formulate some policies to help these NBFCs to come out of the financial stress.

The Bottom Line

The above reforms, if implemented, will have a significant scale impact on the whole of India. It will help to improve the social and economic status of the people while increasing the quality of their lifestyle. With these reforms, India can attain a balance between agricultural and industrial growth.

For more information, read about what the government can do to boost India's Economy