Finance Minister Arun Jaitley has taken stock of staggering economy of India and discussed about ways to revive economic growth that has decelerated to the slowest pace in last 3 years.
Lately, concerns have risen about Centre’s fiscal health, rising inflation, rocky launch grounds for GST, vagueness of massive demonetisation and calls for lowering duties and taxes implied on petroleum fuels. Amidst the stuttering economic situations, Finance Minister seems to be desperately wanting to save the falling apart economy as he called for a second such meeting in just a couple of weeks. Dear citizens of India may be unaware, or could close their eyes over this, but we all know that the economy has had its rocky days after back-to-back major reforms; and it is only high time to revive economic growth.
During Jaitley’s meeting with ministers and officials on Tuesday, a broad framework to boost economic growth was discussed. This framework consists of strategies that are expected assist the government which is grappled with a slump in growth – such a slump that we are facing slowest of just 5.7% in April-June quarter; most sluggish growth in 3 years. Once conclusive decisions are taken by the meeting board, it will then be discussed with PM Modi, who will then decide on possible valid measures to revive economy; and make much-awaited ‘ache din’ a reality with this shot, hopefully.
Another major criterion during Tuesday meeting was creating more jobs across the country – as per pre-election promises made by Bhartiya Janta Party (BJP) in 2014. Boosting economy, or at least boiling it back to what it was earlier will prove to be crucial for getting re-elected in 2019. This means the government will have to run for boosting the economy in short run, which will require an up-drive in consumer demands, employment availability, cut down in fuel prices as well as cut the GST rates on basic consumer products which are burdening common men. The noteworthy point here is that if the government and finance ministry are so desperate about ‘reviving’ economy, doesn’t that mean that Indian economy has fallen up to some extent already?