General Awareness

April 04, 2017 @ 01:15 PM

April 04, 2017 @ 01:15 PM

K. J. Somaiya Institute of Management Studies and Research, Mumbai

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Present economic scenario in India

MBA Aspirants are expected to know and understand the current scenario of economic conditions of Indian market.  
 
Read: Present economic scenario in India
 
On the whole, India’s economic outlook is far brighter than it was in 2013. Government officials and industry experts claim that this year, India will witness an increase in the employment rate, particularly in the banking sector. 
 
The banking sector has come up with ambitious hiring plans for both officers and administrative staff and as per industry reports, state-run banks are expected to hire as many as 55,000 officers and clerical staff this year. In addition, the employment rate in the IT sector is expected to rise, with an increase in the demand for outsourcing in the US and other developed countries. With significant growth in the banking and IT sector, there is bound to be a positive spillover effect in other sectors too, including hospitality and retail. 
 
Many key industry players believe that the worst is over for India’s economy and that in 2014, GDP growth is likely to hit 5.5% and exceed 6% in 2015. Recently, Railway Minister Mallikarjun Kharge presented the interim rail budget for four months in the Lok Sabha and announced that the Ministry of Railways will be launching 17 premium trains, 39 express trains and 10 passenger trains and providing rail connectivity to Meghalaya, Arunachal Pradesh, Katra and Vaishnodevi. 
 
In addition, the Ministry of Railways will be focusing on the electrification of more routes in India to reduce its dependence on diesel. Despite such significant developments in the railways sector, the passenger fares and freight rates are expected to remain the same. 
 
This is because there is a possibility of opening the railways sector to foreign investment. At present, there is a complete ban on foreign direct investments (FDIs) in the railways sector, except the mass rapid transport systems; however, this is expected to change with the home ministry giving a green signal to FDIs in this sector. With more projects in the railways sector and an increase in the inflow of funds, we are likely to witness growth in not only the railways sector but also other related industries.
 
In January 2014, India’s trade deficit reduced by Rs 14 billion (US$ 220 billion) as compared to December 2013 – in January 2014, India’s trade deficit stood at Rs 616 billion (US$ 9.92 billion) as opposed to December 2013, when the trade deficit stood at Rs 630 billion (US$ 10.14 billion). 
 
The shrinking of India’s trade deficit can be attributed to a sharp decline in the import of precious metals such as gold and silver. To keep the current account deficit low, a country has to ensure that the export value of its goods and services is higher than the value of goods and services it imports. 
 
And this is exactly what is happening in India – there has been an increase in the export value of engineering goods and readymade garments and textiles by 37% and 17.4% respectively and this has helped India to reduce its current account deficit. 
 
On the whole, India’s economy seems to be growing at a steady rate and the future is looking bright. If India continues to increase the export value of its products and services and manages to increase FDIs in the next few months, we will be able to achieve the target GDP growth rate of 5.5% in no time.
 
  
 
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