Even as the day nears for the counting of votes, discussions are on about the way forward for the economy.
Even as the day nears for the counting of votes, discussions are on about the way forward for the economy. The new government needs to focus both on economic growth, which hit a five-quarter low of 6.6 per cent in the December quarter, and unemployment. India needs a stable government and sustainable policies to lay the foundation of the long-term economic growth, Uday Kotak said while discussing on the priority areas for the next government on microblogging site Twitter. “Time to focus on economy. Stable Government and sustainable policies are the foundation for long term economic growth. I dream about India in big league of economic powers. Time for execution”, the executive vice chairman and managing director of Kotak Mahindra Bank tweeted.
In March, the sales of car and motorbike sales have declined and industrial output contracted for the first time in nearly two years, indicating a slowdown in the economy. The BJP-led NDA government also faced criticism for the later part of its tenure, and even the election campaign, for failing to create an adequate number of jobs. A leaked official survey showed that India’s unemployment rate rose to 6.1 per cent, the highest level in at least 45 years, in 2017-18.
Meanwhile, a few days back, the veteran banker warned about more liquidity crisis hitting the economy. He even suggested the need to maintain strong balance sheets to tackle the crisis. The coming six month period is important for the financial sector, he said, adding the fear this time is the financial sector is affecting both itself as well as the realty sector. Speaking after the company announced the Q4 results, Uday Kotak said that the financial sector is in the middle of one of the significant challenges. The next few months are crucial in the sense how the financial sector shapes up across various segments, he added.