Indian Macroeconomics

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Indian Macroeconomics

By | March 2011
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Transforming Macroeconomic growth into all round Economic Development of every Indian through achieving positiveness of ‘Balance of Trade’ coupled with tamed inflation. Problems to be addressed

Achievable in short termAchievable in long termAchievable in far future Increasing international competitiveness if service sectorIncrease in contribution of agriculture to GDPImprovement of infrastructure Improvement in sectors allied to agricultural sectorImprovement in public service and development sectorReduce dependency on oil imports Reduction in levels and time between project conception and implementationFormulate strategies to maintain sustained growthWipe off trade deficit Increase in government revenuesStabilization of inflation rateElimination of mismanagement of funds and corruption Introduction of GSTUnique Identification system for every citizen Improvement in sectors allied to agricultural sector

Agriculture is one of the strongholds of the Indian economy and accounts for 14.6 per cent of the country's gross domestic product (GDP) in 2009-10, and 10.23 per cent (provisional) of the total exports. Furthermore, the sector provided employment to 58.2 per cent of the work force. The total geographical area of India is 328.7 million hectares of which 140.3 million hectares is net sown area, while 193.7 million hectares is the gross cropped area, according to the Annual Report 2009-10 of the Ministry of Agriculture. According to Annual Report 2009-10 of the Ministry of Agriculture, production of food grains during 2009-10 is estimated at 216.85 million tones (MT) as per 2nd Advance Estimates. However the current storage capacity for agricultural goods is dismal with the total national and state storage capacities at around 120 million tones (including private storage facilities) which is a shortfall of more than 100 million metric tones. This lack of storage capacity leads to several problems, like surplus of produce in the market...
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