Author Description

Product Description After a long spell of high growth, the Indian economy is experiencing a downturn. The industrial growth is faltering, the current account deficit is widening, foreign exchange reserves are depleting and the rupee is depreciating. These features are directly related to the current global financial meltdown. There is no question that the global financial crisis has crippled economic growth around the world. But the malaise, combined with the significantly reduced inflationwhich has resulted partly from the downturn and partly from the fiscal and monetary measures taken by the Reserve Bank of Indiahas opened up a straightaway into which India can shift its cautionary policies, refuel its economic engine, and ultimately re-accelerate growth. It is therefore imperative that, while dealing with this meltdown, we must not lose sight of the core problems afflicting our economy, and must continue to take necessary steps to address them. India is now facing a major share of home grown problemsissues that have become ever more glaring as Indias economy grows in size. The series Studies in Indian Economy analyses many core issues and suggests suitable policy actions to achieve inclusive growth. Enhanced growth of the agricultural sector is vital for ensuring food security, poverty alleviation, price stability and sustainability of growth of the overall economy. The inadequate availability of modern infrastructure and shortage of skilled manpower are the most critical barriers to the growth of the manufacturing sector. The tasks of improving the institutions of economic governance comprise, among others, many policies and actions essential for efficient functioning of markets. It is recognized that good governance can be brought about only when the public sector functions fairly and efficiently, which is achievable by removing bottlenecks like bureaucratism, favouratism and corruption. The business community has a vital stake in improvin