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July 19, 2013

How to Improve Indian Economy

There are a lot of way through which government tries to improve the condition of the economy and incentivise the growth of the economy but we as a common citizen can also do a lot in improving the economy of the country by doing some of the easy to undertake actions and decisions. Here are some of the time tested suggestion that you can adopt to bring the Indian economy on the growth track.

1.      Don't buy gold
27% of our imports consist of Gold. People buy gold and keep them in their lockers. Keep your money in circulation because 1 rupee spent by you today is creating a value of 10 rupees somewhere else. If you really want to invest in gold, gold exchange traded funds is the best way to go.

2.      Pay taxes
If not anything else, Pay Your Taxes! Not just Tax Evasion(illegal), even Tax Avoidance(legal) should be avoided.

3.      Ask for bills
When you eat out and are getting charged Sales Tax & VAT.

4.      Use less electricity/ Install Solar panels
We do not have ample supply of electricity in India. Less usage by you makes more electricity available for farmers and industries

5.      Walk/cycle whenever you can
66% of our imports are for Oil. We cannot produce more oil. All we can do is use less. Less import reduces the Current Account Deficit (CAD) which improves India's credit ratings. Better credits ratings are essential to attract foreign investment.

6.      Do not indulge in corrupt practices
The root cause of all evil. Corruption leads to bureaucratic delay and inefficiency which affects growth directly, such as through misallocation of investments in the economy. 

7.      Teach under-privileged children
By 2021, 64% of population of our country will be in the age group of 15-59 years, which is the usual working age. They will be able to contribute to the society and to the economy, only if they are educated.

8.      Start a company. Create jobs!
As mentioned above, 64% of our population will be in the working age by 2021. Even if they are educated, it will only increase the burden on our economy if they don't have jobs.


9.  Don't let anything(religion or society) oppress women
Women are constantly being met by demands from society telling them how to look and how to act. This pressure does not let them unlock their full potential.  Let women work whenever/wherever they want and pay them equally to men.

10.  Promote Indian tourism
India is a beautiful place to travel. Himalayas are much more stunning than the Alps. Andaman beaches are as beautiful as those in Mauritius and Seychelles. There are a lot more things this country can offer than you can ever imagine.


11.  Buy and promote locally manufactured goods
I am not saying follow the principles of Swadeshi but whenever possible, prefer local goods to the imported goods or goods manufactured by foreign companies. Any conversion of rupee to other currencies depreciates the value of Indian National Rupee.





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