Topic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
7) With India facing an economic slowdown, it is a superlative time to instrument agricultural reforms for the restoration of the economy. Analyse. (250 words)
Why this question:
One of the world’s fastest-growing economies, India, is now facing sluggish growth, with the Reserve Bank of India sharply cutting GDP growth forecast to 6.1% for 2019-20, which is lowest in the last six years.
Key demand of the question:
One has to elaborate that the time is right to execute a slew of doable agricultural reforms as the role of agriculture in reversing the slowdown is immense in the light of its nearly 20% contribution to a $5-trillion economy.
Analyze – When asked to analyse, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary.
Structure of the answer:
In brief explain why there is slowdown in the economy.
Explain the significance of agriculture to the economy in general.
Whatever the reason for the slowdown, the opportunity to speed up must accommodate a diverse body of opinion and options for sustainable and inclusive growth.
The conventional approach of fiscal and monetary stimulus options to address the relics of a slow pace would only give immediate relief and not an enduring solution.
Hence key policy measures as they exist now must reach out to emancipate that which is dragging growth while stimulating key sectors.
The occasional dip in growth due to various reasons will slow the pace to achieving a $5-trillion economy by 2024.
This is the right time to execute a slew of doable agricultural reforms as the role of agriculture in reversing the slowdown is immense in the light of its nearly 20% contribution to a $5-trillion economy.
Therefore, a blend of efforts from a range of sectors, agriculture and allied sectors is warranted to enable overall growth.
Conclude with way forward.