Former Prime Minister of the country Manmohan Singh has advised the Narendra Modi government to overcome the difficulties of the economy. He has given ways that the problems of the economy can be overcome. Singh said that the problem of slowdown is increasing rapidly, in such a situation, if the Modi government does not take quick steps, then the difficulty may increase.
These are the 6 suggestions that Manmohan Singh has given to bring the country’s economy back on track.
Make GST easy
The government should make GST easy and bring it to a reasonable level. GST should be made easy even if it results in loss of revenue in the short term.
The government should find an innovative way to increase rural consumption and improve agriculture.
The government should deal with any shortfall in capital creation or capital formation in the country. This is necessary not only for public sector banks but also for NBFCs which are trapped.
Improvement in job-giving sector
Important sectors such as textiles, autos, electronics and affordable housing need to be revived. Also, priority lending must be ensured, especially for MSMEs.
We need to address the concerns of the export market. A trade war between the US and China has created a good opportunity for India.
There is a dire need for development in public infrastructure through private investment.