How to trigger India’s economic growth amidst slowdown

A stock market broker reacts at falling share prices. (Representational picture)
A stock market broker reacts at falling share prices. (Representational picture)

The current slowdown in Indian economy can be equated to a scenario where a vehicle has taken a pause at a multi-way intersection and the driver is unsure which way to go. Tank’s full with fuel, but the driver lacks self confidence to decide; waiting for someone to lead the way. Well, that’s the state of Indian Economy today!  Time for pioneering entrepreneurs to take charge of the New India.

Good thing about this economic slowdown is that we are fortunate to discover the natural minimum rate of growth, which by default is around 4-5%. Unless someone deliberately tries to hurt India, of which there is no chance; one convincing trigger and economy is poised to roar, like never before.

Any sincere economist can tell you that macro parameters have never been so good as of now. So, there’s no need to waste time on them. What is vital and more relevant at this stage is to realize the role of each stakeholder and how they could play their part in trigger and thereafter.

Government naturally represents collective interests and must not get confused by conflicting commentaries from economists waiting to pounce on them. All that they need to understand is: How to identify pioneering entrepreneurs at multi-levels, listening to them carefully, and how to tweak ecosystems through policies that would trigger the economic growth, without incurring fresh funds outlay.

Pioneering entrepreneurs, who are not as visible, due to overbearing speculative and manipulative business czars would begin to come to fore and impact policies. They also need to realize that they need to shed their humility a bit, as the nation needs them to assert for the betterment of all. They ought to chalk out their dream projects which requires long term conviction and government’s fullest policy support to succeed.

People at large ought to understand that employment is generated by entrepreneurs and not the government. So they need to encourage youth all around to take initiatives and become first generation entrepreneurs. While the government and pioneering entrepreneurs may create opportunities, nothing much can happen if there are no new entrepreneurs who take little risk and implement ideas at the ground levels. Nation as a whole has to rise, to develop an encouraging environment in favour of job creating entrepreneurs instead of allowing talents to be job seekers. India traditionally has been an entrepreneurial country, but somewhere this spirit got disconnected from educated youth during the past several decades. All parents need to understand that India’s time has arrived, provided more people opt to become engines of the economy and not just remain job seeking wagons.

Most of all the Indian public, as consumers, needs to realize the power of every rupee they spend every day. This has a greater force compared to the power to vote, which comes once in five years. What we buy empowers the business and employment. So one needs to be careful when spending money. It’s time to check and be fully aware of which product or company creates greater employment per unit of money we spend. Which product we buy generates prosperity in rural areas. Which product hurts environment and climate and which ones keep us healthy. It’s also time for celebrities who earn extra income through advertising products to take time to understand how their facilitation can empower employment generation and the rural economy, where two-thirds of our population still lives.

Having taken good control in cleaning up the governance, it’s time for the Narendra Modi government to get the right grip over wealth creative policies and monitor growth in quantity and quality of entrepreneurs in every block of the nation.  

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