World Bank’s Report: Something to cheer about for India
After series of economic jolts that our country has been facing for past a few months after two big economic reforms viz. GST and Demonetisation, finally India has got something to cheer about and trust its reforms to achieve success in coming days.
Whereas, oppositions have been cursing the two said reforms, the recent World Bank Report on “Ease of Doing Business” must have provided the BJP government a sigh of relief along with the source of motivation.
World Bank on 1st of November 2017 released the “Ease of Doing Business” rankings in which India made a significant jump of 30 places `to land on 100th position as compared to the last year’s ranking of 130 out of 190 countries.
This ranking indicates that India is becoming a “nation to look at” in the foreign investment sector. In-spite of having a tremendous potential for the foreign market yet India hasn’t fared well in FDIs for past a few years, this was just because of its stiff foreign policies which are now being eased up.
It has become much easier for the nations to invest heavily in various booming sectors in India.
The major sectors like agriculture, food processing, infrastructure, health & services, non-renewable energy are attracting the major chunk of the FDIs; this paved the way for improving the underemployment situation of the country and in turn will reduce the fiscal deficit of the nation.
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India still has to do a lot, to bring back the untracked economy back on track. Some other issues like NPAs i.e. Non-Performing Assets, twin balance sheet problem, Bad loans, fluctuating inflation rate, etc. are needed to be assessed quickly.
With increase in the foreign investments, India is going to be benefited immensely, some of its advantages would be:
- Promotion of investment in key areas
- New technologies
- Increase in Capital inflow
- Increase in Exports
- Promotion of Employment opportunities
- Exchange rate stability
- Development of backward areas
India just needs to hold on the leads which it has got now and make efforts to capitalise over it.