WHAT THE ECONOMY NEEDS NOW -BOOK REVIEW

WHAT THE ECONOMY NEEDS NOW:

A Book Review in ‘செயல் மன்றம்’.

Edited by Several Economists

ABHIJIT BANERJEE,
Founder J-PAL(Jameel Poverty Action Lab)
GITA GOPINATH,
Counsellor & Director of Research at IMF
RAGHURAM RAJAN,
Former Governor,RBI
MIHIR S.SHARMA
Observer Research Foundation

& Several Eminent Scholars.

This book contains 14 chapters describing the Individual Notes of particular
Economic Issue or Sector
that requires immediate
attention from the Government.

‘NEED NOW’ in Acrostic pattern

N-National
E-Essential
E-Economic
D-Direction for

N-Necessary
O-Operation in
W-Welfare-Schemes.

Our Nation is essentially required in
Economic operative welfare schemes direction so as to achieve the desired results.

This book is furnishing the details of various growth directive approach for national economic development.

In this book,
the Problems are identified, The Summaries and
The Solution are furnished
for all the needy issues
that is required immediate attention
for our Government to take action.

This Book introduces with the title
‘ Why Strong Equitable and Sustainable Growth is Vital for India’.

The Contents of the book is explaining
in short and Lucid with
our country issues of

‘Health Care’, ‘Infrastructure’,
‘India and The World,’ ‘Welfare Reform,
‘A Market for Land’, ‘Growing Exports’,
‘Farming and Farmers’, ‘Energy Reforms’,
‘Reforming Energy’, ‘Deficits and Debts’
‘Fixing Schools’, ‘ Women and Work ‘,
‘ The Financial Sector ‘, ‘ Banking Reforms ‘ &
‘ The Environment and Climate Change ‘.

In this review,

‘India’s Exports’

Chapter is being reviewed.

Job creation is essential
in order to increase
the produces
for our people and
to earn more through Exports.

But India’s exports have underperformed,
to compare with not only country like China
but also like Bangaladesh.

The Small and Medium enterprises are exporting textiles from industrial belt areas
which provide most Jobs.
But it is hard to fit into Global Levels,
which is also affected by GST.

Indian Labour force does not have
sufficient skills and labour regulations,
to make more efficient.

Our transport infrastructure is insufficient,
outdated and badly planned
to stay in competitive export markets.

Summary by Gita Gopinath & Amartya Lahiri :

Micro polcies such as trade agreements,
simpler documentation procedures at port,
improved credit access and the
industrial upgradation will help
to accelerate the growth
of our country.

The position of Labour is abundant
in India. Cheap laboour in India is attractive destination for all countries.

The scale of encouragement
for specific manufacturing sectors
like textiles and
electronics can be catalyst
for growth and for generating
employment level.

Exports are not growing Fast enough

Indian Goods exports rose
from 0.5% in 1992 to 1.7% in 2017.
Services sector rose from 0.5% to 3.4%
during the same period.

Where as, Chinese share of world
Exports rose from 1.8% to 12.8%.

The World as a whole exports
around 30% of its GDP;
India’s GDP continues
to below 20%.

In this book, Macro issues such as scale,
Fundamental Labour Reforms Better
Transportation Infrastructure require
to be done at this juncture are explaining
in brief.

Micro issues are to be looked at
with the points of Improving the
credit acess, Simplify the GST and
Trade Agreements with the EU, South
Asian Trade along with tariff are discussing
in this bookwith short notes.

Global Integrate with the
Electronics Industry and
Revitalize the Textiles
Industry are the specific issues
to be analysed and improved.

The Solution lies in with the
favourable macro economic
environment, to focus the
SME industries and to reform
the GST. Labour reform and
the country’s transport
infrastructure are to be
looked in details.

The above mentioned facts and
figures are pinpointing the exports
problem and solution in Nutshell.
The other economical issues are also
written in this book for
our country development.

General educationist and economists
can read this book.

Author: THANGAVELU CHINNASAMY

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