India is one of the fastest growing major economies globally. As per 2018 stats this year it dethroned UK and became the 5th largest economy in terms of GDP. In 2017 it had dethroned France to become the 6th largest economy as you can see in the stats below.
This data is as per World Bank 2017 stats.
Did you know the top 10 fastest growing cities in the world all are in India? [As per Bloomberg] Surat is the fastest growing city in the world with a growth rate of over 9% p.a.
Moreover, Ease of doing business in India rank was 134 in 2014 and today in 2018 India’s rank stood at 77. In 2017 it stood at 100 and climbed 23 notches this year. The lower the rank the better it is. So it has now become easier to do business in India.
Increased consumption leads to higher GDP.
Increase income leads to increased consumption.
So all these three are interrelated.
You might have a few questions in your mind like-
- How is all this achieved?
- What role does government play in achieving development?
Reforms by the government –
The government of India has been talking a lot of initiatives and one of the major being implementation of GST. GST has made life simpler for many people across the nation as it enables a simpler and single form of tax on goods and services. GST has made it more standardized for the citizens, a lot of business owners and for the government themselves.
Digital India was another initiative which made a lot of progress as people started using more plastic money than cash. Not all but the usage of cards has surged ever since.
With these kinds of reforms, the government tries to achieve major changes in the economy which leads to the betterment of all.
Monitory and Fiscal policies have a huge impact on consumption and spending and also on manufacturing activities.
The government has another important role to play i.e. Overall Development –
The major role of government is also in supporting the infra development which impacts the overall economy in a positive way. Rail and Metro line constructions, Road constructions which helps strengthen the economic activities across the nation with the easy flow of goods and services.
Housing for all was another example of development.
It comes up with various schemes for the business like – setting up of SEZ, increase or decrease in import duties. These activities would majorly impact the cost and final price of the product or services.
Coming up with various schemes to finally support the small business, these would be mainly in form of subsidies.
Issuing tenders and inviting bids from various places. Giving the tender to the most trusted source and also to the one with the cheapest bid.
There are a lot of other things which are done by the government to achieve development like –
- Keeping inflation at bay
- Maintaining sufficient forex reserve and also maintaining forex rate
- Taxation policies
- Limiting the Balance of Payment
- Encouraging more exports and limiting the imports
- And a lot many more things…
Where can one come to know about such schemes and tenders?
One can find out these details on various government websites on the national level and also on the state level. Also, new papers do tell you about the tenders issued by the government.
UP government has come up with this website – UdyogBandhu where one can get all the details relating to the current schemes offered by the government for business.
It also enlists various services offered by the government and one can take the benefits of these services.
It also has a list of tenders which are currently active. A lot of more things are available on the website.
As the name rightly suggests Udyog means business and Bandhu means friend. The website is a true friend for business.
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