General Awareness

April 05, 2018

April 05, 2018 @ 06:03 PM

IMT banner

economic reforms should prevail over general elections

MBA Aspirants are expected to be concerned on political fallout on Indian Economy and watch the political scenario vis -a -vis Indian Economy. 
 
Read: Economic reforms should prevail over general elections
 
Economic reforms are more important than elections; however, Indian politicians, for
decades, have given more importance to general elections than economic reforms. 
 
Even today, it is said that the deepening political divide in India and the uncertainties over the result of the upcoming elections are weakening India’s economic outlook. Many polls predict that neither the ruling party – Congress – nor the opposition - Bharatiya Janata Party – will win a majority of the votes in the coming election.
 
 In addition, the emergence of the Aam Aadmi Party is expected to deepen the political disarray in India. Political experts in India and beyond believe that if the Aam Aadmi Party wins as many as 20 seats in Delhi, Haryana, and Uttar Pradesh, it will reduce the possibility of a stable government in India and a stable government is necessary for economic growth in the country.
 
India has been suffering from low economic growth rate and high inflation rate and it is predicted that these economic woes will increase in the absence of a stable government.
 
In December 2013, inflation rate in India was recorded at 6.16%, the lowest in the last five months, as vegetable prices, especially the prices of onions, reduced due to a new harvest. 
 
However, the inflation rate in India is still higher than the average inflation rate in Asia - according to several reports; India has the highest inflation rate in Asia and one of the highest inflation rates in the world. 
 
This goes to show that a number of economic reforms need to be carried out in India to ensure that its economic growth rate is on par with the rest of the world. 
 
More emphasis should be placed on the Food Security Act, increasing foreign direct investments (FDIs), and generating employment opportunities in the manufacturing sector. 
 
Politicians should work closely in addressing the aforementioned issues instead of creating political differences and belittling other political parties. Politicians should be concerned about the welfare of the citizens of India and the economy and they should focus on improving the infrastructure in India, regardless of whether they are in power.
 
In India, politicians show utmost concern to the citizens just before elections and make speeches on how they plan to carry out economic reforms once they are elected. However, after the elections, they forget about the promises made to the public and focus on increasing their material gain. 
 
This is the reason why there are so many political parties in India – if one political party was effective in carrying out its duties, the citizens of India would not be forming more parties. 
 
For example, in Singapore, the People’s Action Party has been the political party in power since 1959. The people of Singapore are happy with what the People’s Action Party has been doing for them, which is why it continues to win elections till date. 
 
This is what India should aim at – instead of forming new political parties, politicians should work together to rebuild the nation. Only when politicians look beyond the differences of political parties and work towards a common goal will there be economic progress in India.
 
 
 
Stay informed, Stay ahead and stay inspired with MBA Rendezvous

Crucial Dates, You Should not Miss

IMI New Delhi
Admissions open for PGDM / PGDM(HRM) / PGDM(B&FS) at IMI New Delhi. Last date to apply is Dec 3rd, 2018.
Birla Institute of Management Technology (BIMTECH)
BIMTECH Admissions Open for 2019.
XIMB, XUB
XIMB, XUB Admissions Open for 2019 at Xavier Institute of Management. Last date to apply December 7th, 2018.
MDI Gurgaon
Admissions Open for PGPM | PGPM-HRM | PGP-IM 2019 at MDI Gurgaon. Last date to apply November 23th, 2018
MICA
Admissions open for PGDM-C 2019-2021.
Goa Institute of Management
Admissions open for 2019-2021 at GIM. Last date to apply is November 30th, 2018
SDMIMD
Admissions open for PGDM 2019-2021 at SDMIMD.
IMT Ghaziabad
Admissions open for 2 Year PGDM and MBA programs at IMT Ghaziabad- Application Deadline is November 22nd, 2018
ICFAI Business School
ICFAI Business School Accepting Applications for IBSAT 2018
Lal Bahadur Shastri Institute of Management (LBSIM)
Admissions open for 2019 at LBSIM, New Delhi. Last date for applying Dec 15th, 2018
TAPMI
Experience@TAPMI Admissions Open for 2019
MDI Murshidabad
Admissions Open for PGP 2019-21 at MDI Murshidabad
SIBM, Bengaluru
Admissions Open for MBA 2019-21 at SIBM, Bengaluru
XLRI
XAT 2019 Registration, Application Ends on November 30th, 2018. Exam Date January 6th, 2019