Chief Economic Advisor V. Anantha Nageswaran has highlighted three key reforms to accelerate India’s economic growth: deregulation, increased state capacity for capital expenditure, and improved hiring policies in the private sector. Speaking at a recent event, he emphasized the need for structural reforms that streamline regulatory frameworks, foster private sector dynamism, and boost investment.
Source:- bbc news
Deregulation, according to Nageswaran, is crucial to reducing bureaucratic hurdles and creating a more conducive environment for business growth. Simplifying procedures can enhance ease of doing business, encourage innovation, and attract foreign direct investment (FDI).
Source:- news 18
The Chief Economic Advisor also underscored the importance of expanding the state’s capacity to undertake capital expenditure. He noted that well-planned public investments in infrastructure and other critical sectors can have a multiplier effect, catalyzing private investment and fostering long-term economic stability.
In the private sector, Nageswaran pointed to the need for better hiring policies that align with evolving labor market dynamics. Streamlining recruitment processes and improving labor laws can ensure a skilled and agile workforce, enabling industries to adapt to technological advancements and global competition.
Nageswaran stressed that these reforms, coupled with India’s demographic dividend, present a significant opportunity to achieve sustained high growth rates. However, he cautioned against complacency, urging policymakers to focus on execution and ensure that reforms are implemented efficiently.
India’s economic trajectory, he noted, remains resilient despite global uncertainties. Strategic reforms in these key areas could position the country as a global economic powerhouse, driving equitable growth and improving living standards.
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