Syllabus: GS-III
Subject: Economy
Topic: Growth Development and Inclusion
Issue: Indian Economy – Growth
Context: Interview of Dr Arvind Panagariya, the Chairman of the 16th Finance Commission.
Synopsis:
- “7% growth has shown for almost 20 years now. It’s time the economy realised its full potential to 10%.”
- Reforms Suggested:
- Lower tariffs: Many of the tariffs are still high which hinder the building up of the supply chains.
- The four labour codes have to be implemented.
- Commitment of the government on privatisation, both the Public Sector Undertakings and the banks.
- Continue to make India a friendlier place to do business.
- There is a need to bring down the workforce in agriculture from 45% to 30% in the next 15 years.
Prelims Connect:
Privatization: The transfer of ownership, property or business from the government to the private sector is termed privatization.
