Dinesh Kamath's Editorial 'Reasons for slowdown of growth rate' that was published in Newsband

Reasons for slowdown of growth rate

The Economic Advisory Council to the Prime Minister (EAC-PM) has come up with 10 areas for accelerating growth over the next six months. Monetary policy, job creation, public expenditure, agriculture and animal husbandry top the focus areas.

Various reasons have contributed to the slowdown of growth rate. Government is researching every day and modifying the taxes by advertisement without giving firm policy. The Economy is already slowed down and the cognizance is also taken, but what about eliminating the "Corruptions" which prevailed and inaction to the effect is bound to increase. It is necessary to curtail the "Corruptions" immediately.

EAC has treaded the age-old path of giving excuses. Ten excuses have been identified as most handy, which people will gulp down immediately. Depending on the result of monitoring, ten more excuses will be flaunted by EAC after a month, in November 2017. Surprisingly, not that the bureaucracy has not already zeroed in on these ten excuses and acted on them. But many blocks and barriers have not produced the desired results. EAC must be knowing it and yet giving it another try to see whether the IMF figure gets revised, in view of the top notch intervention.

In statistics, there is what is known as "normal curve." It reaches the crest and starts declining. Nothing can go indefinitely increasing unless corrective measures are taken in time. Like that, taxes and cess cannot keep indefinitely increase to pose rosy figure. Mineral export, or any export? It should be with government to control and monitor the flow to regulate to avoid money laundering as well as to avoid internal shortage leading to crises.

First there should be proper flood and drought control to prevent crop damage. Laxity in this has caused cry for compensation for the losses. There is plenty of untapped savings in the suburban and village sectors. One member should be from agri. There is no effective flood and drought management. There should be responsibility centres to reliably monitor the agri sector making the field agri officers alert to advise the expected rain fall, the invasion by destructive insects, types of crops for rotation and evaluate the harvested output and it is only for barefoot soldiers to do in the field.