Paper: GS – III, Subject: Economy, Topic: Economic reforms, Issue: Reforms needed to tackle global challenges.
Context:
Global economy is facing geopolitical uncertainties, slowing growth, fragmented supply chains, volatile markets, and tech disruptions. India has shown resilience but needs structural reforms to sustain growth and achieve Viksit Bharat 2047.
Key Highlights:
Current Challenges:
- Supply Chain Disruptions: 57% of Indian businesses reported disruptions.
- Trade Fragmentation: 53% highlighted protectionist policies affecting global trade.
- Ease of Doing Business: Multiple clearances, overlapping regulations, and compliance burdens remain obstacles.
- Labour Market Rigidity: Labour laws still not fully aligned with productivity and formalisation goals.
Priority Areas of Reform:
Conclusion:
India’s reform journey must be comprehensive, futuristic, and inclusive. Focus must be on ease of business, factor-market reforms, GST, R&D, defence self-reliance, and global positioning is critical. Timely implementation will be key to realising the goal of Viksit Bharat by 2047.
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