5 Tips To Revive Indian Economy

So, after denial finally people have started recognizing the elephant in the room. #Indian #economy is in ICU and needs urgent attention to bring it back to healthy state.

Without much a do, here are our 5 high level tips (PKS-MECJQ Model) which if implemented in letter and spirit, will surely bring this patient out of the ICU and the patient will be in her pink of health.

1. Mindset: This is the most important aspect in bringing the economy to its normal state. Unfortunately government is still playing the blame games, even in her second term also, and instead of taking bold measures to improve the economy, is blaming past Congress regime for all the maladies. This is very bad. Government should act responsibly and with maturity. Instead of looking back continuously, it should see in the future and take India forward. Every time, politics can not be mixed with economy. And moreover, previous Congress regime was overthrown by the masses for their alleged misdeeds and the new NDA regime was brought to power to show India a new path. Electoral verdicts have settled the mater. Now people expect the NDA government to take solid actions. Government should change her mindset. It should cultivate the mindset of creating a prosperous, developed, equitable and peaceful India for the future generations.
2. Export oriented growth: Without exports, no big nation can become prosperous. Government must give thrust to export oriented growth. World class products and services must be produced and exported. Service sector must be given importance. Future of business is services. Government agencies are still trapped in assembly lines only. #MSME (Micro, Small and Medium Enterprises) are the backbone of economy. Huge impetus are needed for the MSME sector. Government must take bold steps and move from agrarian economy to 4th wave. Agrarian economy is outdated model. Services and Products will rule the business world and these twin engines must be given extra horsepower. Services being the main engine.
3. Credit facility: Easy credit facilities must be offered to small entrepreneurs. After the blunder of demonetization and poorly implemented GST, there is huge liquidity crunch in the market. Small entrepreneurs need money to run their businesses, and that must be provided, faster and on simple terms.
4. Judicial reforms: Delays in enforcing contracts are big bumps on the roads of economy. Drastic judicial reforms are needed to expedite the process of justice delivery system for business world. It will also ensure in creating a peaceful and law abiding nation, which itself will propel the overall economic development of the nation. Overall brand image of India will enhance, locally and globally, which will help in economic development.
5. Quality and innovation: Mindset of quality and innovation must be inculcated. Juggad system must be shunned. From the college level-to corporate level-to government level, a mindset of quality and innovation must be inculcated. High quality education, market oriented vocational training, #startup culture, equality, diversity and long term thinking are some ways to inculcate the mindset of quality and innovation in the whole eco-system.

We are sure, if our PKS-MECJQ Model is implemented properly, it can revive Indian economy, for sure!

Now over to you!! Please share your valuable comments below, and if you have liked the article, please click Like and Share for the benefit of others.

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Our another article:

10 Point Framework For Revival Of Indian Economy

https://www.dhirubhai.net/pulse/10-point-framework-revival-indian-economy-pramod-kumar-srivastava/

Pramod Kumar is CEO of PKS Management Consultants, a generalist business advisory and internal auditing company, based at Bangalore, India. Views are personal.