[Question appears to be about liberalization, privatization and globalization reforms]
Main Body
The Liberalization, Privatization and Globalization reforms took India from 250 billion dollars in GDP to $3.8 trillion. Reforms 2.0 can push us further ahead. Need of Reforms 2.0 1) Stagnation of manufacturing sector eg 17% of GDP since last decade 2) Reduction in household and corporate savings. eg Corporate savings reached 14.7%. Economic Survey 3) Reduction in Net financial savings state is Reduced to 14 year low of 5.9 from average of 7.5%. 4) Agricultural stagnation and lack of effective reforms eg Yield of Indian agriculture is 50% lower than global average F/10 5) Export out up to the mark eg Current Account Deficit of 2.7% 6) Jobless growth and low employment elasticity eg Job elasticity reduced from 0.26 to [illegible] in 2023. 7) Lack of diversification in the services sector eg IT-BPO flourishing, but Tourism is in slow growth Reforms 2.0 for Vibrnt Bharat 8) Need to leverage PPP for 113 lakh cr of infrastructure needs by Kelkar committee 9) Labour intensive manufacturing model
by Kelkar committee 9) Labour intensive manufacturing model eg Jeans model 10) Renegotiating FTAs for benefit of Indian industries by Suresh Shalla committee 11) Promoting Indo through 'China +1' model. 'Reforms 2.0' can be a leverage of fresh air for the Indian economy to replicate the success and surpass the growth seen during LPG era.
Aditya Talwar
Economic Development
Liberalization and Reforms
Reforms 2.0
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formal analytical
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