How will the government prepare the Indian economy for the world’s difficulties in FY24?
The government will take a range of measures to prepare the Indian economy for the world’s difficulties in FY24. These include:
- Strengthening the financial sector and capital market: The government will work to further strengthen the country’s financial sector by introducing reforms in the banking sector, capital markets and insurance sector, in order to ensure that the economy is well-equipped to handle any external shocks.
- Boosting domestic demand: The government will focus on boosting domestic demand by incentivizing consumption and investment, and introducing measures to strengthen the labour market. This will help to reduce the economy’s dependence on exports and promote self-reliance.
- Enhancing agricultural productivity: The government will also focus on enhancing agricultural productivity and improving the infrastructure in rural areas to ensure that the agricultural sector is able to withstand external shocks.
- Investing in infrastructure: The government will continue to invest in infrastructure such as roads, railways, ports and airports to make the economy more resilient to external shocks.
- Improving ease of doing business: The government will work to improve the ease of doing business in India, which will help to attract foreign investments and ensure that the economy is better able to weather external shocks.
- Improving the tax system: The government will also work to further simplify the tax system to make it easier for businesses to pay taxes and comply with regulations. This will help to reduce the burden of compliance and create a more attractive investment environment.