India’s Economic Position
India as a resilient economy ranks 59th. For a country that is fifth largest in terms of GDP, this rank of being only the 59th most resilient Economy shows that we need to revisit our economic principles.
Reasons for India’s Low Resilient Economy Ranking: Measure Taken
I – Productivity
- MSMEs feared regulatory measures once they outgrew their size, thus they abhorred expansion.
- The Rs 3 lakh crore collateral free financial package for MSMEs will motivate them in converting India into a manufacturing powerhouse.
- The government’s decision to disallow global tenders under Rs 200 crore will increase their participation in India’s infrastructure story.
II – Supply Chain
- An EU study showed that major post-pandemic disruption would be on supply chains (two-thirds) while consumption disruption will be one-third.
- Building a local supply chain will not only make us pandemic proof and economically self-sufficient, it will also insulate us from future diseases.
III – Globalisation Index
- Our globalisation index is 62.25%, this means we are consumers in the globalised world and not producers.
- There is need for a paradigm shift to enjoy the fruits of globalisation.
-Source: Times of India