A shrinking world economy, BRICS disintegrating (brick by brick), unprecedented sub $30/barrel oil prices, China teetering on the precipice of an abyss, OPEC in deep turmoil and multiple geo-political flash points throughout the globe are perhaps prescient harbingers of yet another fast approaching global economic depression.
The signs of this insidious economic low pressure system building up can also be clearly seen over the Indian economic horizon.
A negative exports growth rate, a sales growth for the top 500 companies hovering near 0, contracting factory output and rising inflation are all tell-tale signs of things to come unless we embark on a course correction and that too on an epic scale.
The policy makers, the industry and the citizenry all need to get their act together. India cannot afford to let the decent progress that has been so painstakingly achieved over the last decade and which has materially changed the lives of multitudes of her population go a-begging.
The polity should endeavor in earnest to put in place Investment and investor friendly policies, expedite much needed market reforms and public spending on infrastructure should be stepped up on a war footing.
The industry for its part should step up to the plate and make good on its promise of backing Make in India and putting its money where it’s mouth is.
The citizenry needs to go out on a limb and start new enterprises and ensure that an entrepreneurial revolution is underway at a time when the rest of the world is nervously twitching and holding back. After all, the government can only be the catalyst but we the people need to navigate these choppy waters and these winds of change if we desire to reach the promised land.
The aforesaid if realized will ensure that the 21st century is truly India’s century.