The Indian economy is recuperating faster than anticipated.
In years to come we will realize COVID-19 was a lesson on life, it helped us to learn what really matters and what does not. This experience will also impact how corporates and economies operate for years to come. As the situation improves and life limps back to normalcy, the out look for the Indian economy is positive, supported, amongst other factors, by Low oil prices and record low global interest rates.
The government has got back into action with pending reforms, especially to boost domestic manufacturing also aiming to gain share in global manufacturing thus to put Indian economy back on a high growth track on a sustained basis.
List of reforms done in past one year:
Ø Opening up defence sector and banning imports of select items.
Ø Rationalisation of Labour Laws.
Ø Raising duties under Phased Manufacturing Programme to strengthen domestic manufacturing and discourage imports.
Ø Production Linked Incentive Schemes for select industries to promote import substitutions and increase exports.
Ø Revision of MSME definition to incentivise scaling of operations
Ø Agriculture reforms to remove bottlenecks and improving market access.
Ø Reduction in Corporate tax rates.
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