Nothing seems to stop the rise of inflation in India which is, in turn, making the lives of commoners quite difficult. Even the working class which has the luxury of having Government jobs is also not able to make their ends meet. This is despite getting the due increase in their salaries in the name of one or the other allowance. At the same time, imagine the plight of someone working in the private sector who has not witnessed any increment in salary in the last several years while the inflation has turned out to be the highest in the last 8 years.
India already has a dwindling Current Account Deficit (CAD) as the imports are up and exports remain nominal, not enough to ensure the fulfillment of what is needed in the country; something that could address the Trade Deficit too. It is due to the imbalance in the CAD and Trade Deficit coupled with other factors that inflation is touching new heights with every passing day. This upward trend is affecting people across the spectrum, but, those who are earning hand to mouth, are facing more heat of it—something that should get the attention of the Government and should prompt those at the helm of affairs to ensure that the people are pulled out of such a situation where sustenance has become difficult.
It is worth to be noted that several initiatives were kick-started by the Government from time to time, such as ‘Make in India’ and ‘Atmanirbhar Bharat’ which were aimed at bringing about huge changes in the economic landscape of the country by not only increasing the exports but also creating more jobs in the country. However, these initiatives seem to have turned out to be a little dormant and have not come up to the expectation of the people of the country. While these initiatives have a great potential of changing the dynamics of the economy of the country, there is a need for giving these initiatives more push; they need more attention from the policymakers to ensure that such programs are executed in such a way that the real potential of these game changer programs is reaped and the country, especially the youth are benefitted.
One last thing that remains the key to boosting the economy is the ease of doing business: which needs to improve now. An array of formalities and clearances that the new businesses are meant to get needs to go once and for all. If youngsters, under various flagship programs of the Government, want to start their business and have got an idea along with the necessary capital and assistance, they should be allowed to execute it without any hassles because the chain of new businesses, if allowed to set up without seeking unnecessary clearances and formalities, will end up making a huge difference in the long run and might put things in order.