Need of New Reform Agenda to Revive India’s Growth Story – By Areesha Fatma

In this decade of rapid developments in the global economy vis-a-vis emerging new economic stance in the United States, emerging protectionism in the advanced economies, recovery in Global trade; turn around in China’s economic growth and various geo-political issues, India stands on the cusp of major change, a transformation that could lead to unprecedented economic growth. The Indian economy has been observing various changes, turmoil and adjustments in the form of reforms during the past two-three years. Two key reforms undertaken in the regime of Hon’ble Prime Minister Shri Narendra Modi primarily historic demonetization drive and newly introduced GST have been both bane and boon for our economy which is quite evident as per the GDP estimates for Q1 and Q2 for FY2017-18.The economy still hasn’t revived from the aftershocks of cash crunch as the consumption demand has been impacted severely and the teething problems associated with GST implementation are still persisting. According to the much awaited CSO data released by Ministry of Statistics and Implementation recently, real GDP registered an increase in the growth rate from 5.7% in the Q1 of FY18 to 6.3% in Q2 of FY18. Also, quarterly Gross Value added (GVA) registered an increase in...

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