Indian economy is passing through a hard time and the policy planners of the country along with the various stakeholders of the various import and export industries big or small are struggling to bring back the economy on the right track of growth and advancement. The information on the recent quarterly performance of the various sectors of the economy show downward movement and are cause for concern for one and all. The optimistic thinking that the depreciating Indian currency will boast the export industry has been falsified. It should be noted that China has managed to get better dividend of the thoughtful depreciation of the Chinese currency but India failed to do so.
The current status of increasing twin deficit of current account and fiscal deficit will further aggravate the situation if timely policy interventions are not entertained. Reserve Bank of India and other associations of industries must come forward with new and innovative ideas and policies to counter the demon of depreciation and trade deficit.
The Eurozone crisis is over and still we are not in a position to take a leap into the new global market with better trade balance strategies. In this context, it would be better to think of the direct pipe line for petroleum from Iran. The possibility of increased petroleum and technology trade with Sudan can be harnessed for the time being as we have good relations with them.
India effort of extract petroleum from the South China Sea must be well crafted and made the speedier. The exploration of petroleum and natural gases must be incentivized in India as well. We must look forward for importing natural gases from West Asia.
The increased capability of Information Technology and IT-based technologies, Indian Space agency and Nuclear Energy must be harnessed. There are many prospective buyers from the West Asia and African countries for out low cost products and technologies.
We can also think of effective implementation of the second round of Green Revolution in the States of Bihar, Uttar Pradesh, West Bengal and North-eastern states.
There can be many more sectors of economy which can be a great source for recovering the economy from deficit and depreciation of currency.
The whole issue of effective recovery lies on the shoulders of the policy planners and the executives of the various industries in India. There is a silver lining for Indian economy and we must not get discouraged by the current scenario but look forward for the bright future of Indian economy which is going to be the largest economy of the world in few decades.