New Economic Trends That Are Helping Us To Built New India
When Prime Minister on India, Mr. Narendra Modi announced “demonetization”, there was sudden cash crunch in the economy. Not only the industries and the service sector but even the overall economy suffered a major impact of it....
When Prime Minister of India, Mr. Narendra Modi announced “demonetization”, there was sudden cash crunch in the economy. Not only the industries and the service sector but even the overall economy suffered a major impact on it. But, everything happens for good reasons. And besides just the demonetization, there are many other things that are playing a major role in crafting a better economy for India.
Here, we are listing few trends from across the various aspects of the Indian economy that are helping India to build a better and more productive economy. Take a look:
· Shift towards industry driven economy
Because of the recession that hit India in the year 2012, the Indian economy has witnessed a major downfall. However, now we have entered the recovery phase and with modest recovery levels, the economy is experiencing a shift from service based economy to industry based economy. After facing the bad times of recession, it the business and industry sector of India that might help India to have more vibrant economy than many other recession prone economies. With the help of global economy, the industry sector of India can now play a major role in balancing the Indian economy.
· Accelerating Economic growth rate
After coming up with the hard times of recession, the tough decisions of demonetization and significant implementation of GST (Goods and services tax) has slowed the economic growth rate. But, if considered for the long term then these structural reforms will help in triggering the overall economic growth rate of India. However, it will take some time to settle things on the right path but once the situation will get under control; the whole process will become more smooth, fast and convenient thereby promising a better future to the young India.
· Revamp of real estate industry
When the recession hit India, it was the real estate industry that suffered a lot. But now, when everything seems to get better, now the chances are that even the real estate industry will come into action again to perform better. In past few years, various real-estate related reforms and acts have been launched just to make sure that things start falling in line. And if various surveys are to be believed then this sector will surely have a bright future in coming years.
· Digitalization of education
With new technological advanced methods now even education industry is experiencing a drastic change. Gone are the days when only traditional methods of class rooms were considered worthy and valuable. With the new concepts of e-learning; distance education diploma courses, digital classrooms, mobile application based learning has become the new trends of the education industry. And with its wide acceptance across different industries, these concepts are now becoming more popular and feasible among the youth of India. This revolutionary change in education industry will surely help India to achieve better literacy rate on the world map.