Indian Economy: Old Wine in New Bottle!

Our economy is actually in a transition stage. We are progressing but it will take time to be called a developed economy. Politicians are now aware that the old thinking style will not work now. They will have to find new ways to tackle the complex problems of our developing economy. We have the 2nd largest population in the world and it is not easy to meet everyone's requirements but we have made significant progress in the past couple of years and can still continue to do the same. I feel we are no longer an old wine in old bottle but rather new wine in new bottle.

As per my opinion the most important thing to correct our Economy is to correct politics. But this is not the only way to change the position of our economy, we should also take some steps by ourselves to correct it, like to use the products of purely Indian companies (for this we need not to change our lifestyle but just shift them, like use dabur red toothpaste or miswak instead of colgate etc. ).

The root cause of collapse of Value of Rupee compared to dollar is the Lack of action in last 10 years. India is growing under 5% growth rate. The condition is unmanageable as the Cost of Living is increased but the Income of citizens is still the same.

Hi everyone.

I agree with some of your points.

My opinion is our government is not supporting the products which are produced ourselves.
Instead importing products from other countries.

Yes it is good to maintain good relations with foreign countries. But before that we should support our own people.

And government should frame strict rules to restrict the tax evaders.
And make them to pay taxes properly and improve our economic position.
Every citizen should do his work properly to develop our country.

Hello everyone.

I accept your views but I'm thinking Indian economy is purely dependent on young generation because they are pillars of any country. But in our country young generation people are diverted towards bad and encourages corruption for their comfort.

And also education doesn't teaches values to most of students. Also doesn't provide any technical knowledge about field which is their chosen. Due to that unemployment rapidly increases which reduces our economy. If we correct our education system and give more &goo education to more then our economy definitely overcomes the top countries.

If we want to improve of economic condition nd making growth. Then we should apply two things. At first we should give our cotribution to stop the corruption and request to the youngster who are going abroad to earn the money and they are giving their valueable tax to other contries in terms of doller and other economy where they are working. By using this money other countries are making strong their economy. If the youngsters will stay here and will give their tax to the country then our country's economic status will be improve and we should not also forget about our man power. By using those techniques our country will growth very rapidly and will successful country. Because the density of water depend upon the particles, if our particles like youngesters will go abroad then our country's density will decrease. So we should not go abroad nd contribute in growth of our country.

Hi all, the topic Indian economy is old wine in new bottle, is to me is partially correct & partially wrong. Because, every view shows the way of seeing it. If I am not mistaken, those who are participating in this discussion are mostly belonged to young age & middle class. (Of course, I also. Because the worst affected layer is middle class&rich due to inflation, poor people are benefiting from the high inflationary situation. Nobody would talk about middle class & rich). And are frustrated due to very less employment opportunities& high costly Education system.

The reason & solution you people are (some) suggesting & obviously eager to implement are impracticable & don't suit Indian conditions. Guys. I request you all that, don't blame the system or GOI schemes simply because, it didn't yield any fruits for you. Obviously, we are all part of the system & I believe that every one of us is directly responsible to the current scenarios, whether it is economical, political, , cultural. We must not exclude ourselves from this very system. (one eg. I would like to give you here. We all know the value of water, yet we used to preach the value of it, but when comes to our home, we don't utilize it judiciously.

So for the shortage of water supply, we blame local govt forgetting our role of importance as a responsible citizen of India) of course it's a necessary situation, if you follow some global countries you can understand why I am saying this. I am saying these because, there is a linkage between all the present scenarios. Now, let us come to the topic, , economic situation has worsened in the recent times. When comes to the reasons & solutions, I understand that, no principle or theory is absolutely useful in India. Please remember, India is a pluralistic country.

Moreover it is secular, vast. So, , India can't initiative any reforms regarding issues, because of its geopolitical position, diverse conditions in every aspect. So balanced, flexible solutions would certainly do workout. I understand that GOI is doing well, but its not in its control, yes. Only one area which the govt should consider, they are implementing wonderful schemes but neglecting community involvement. If any scheme's success not in implementation only, if it yield fruitful results, then it should have been there available for you all the time. GOI implement schemes only to a certain period of time, forgetting its future consequences. Corruption at the administrative level is also a big drawback to the effective implementation.

To avoid all these & success, community involvement is very much required. Every citizen of India should understand the responsibilities & act for the sake of big India. So please suggest implementable solutions. As for as politics & politicians are concerned, Indian people are sole responsible as they need to vote eligible persons. So the ball is in our boundary, We should act wisely. Quality Education will solve almost all problems of India. For now, there are no easy answers for current economic situation of India, as wide range of policies are need tobe follow regarding high fiscal deficit, high CAD, high inflation, Rupee depreciation, high interest rates, drop in investments, &power sector crisis. If we suggest & implement one solution, it should also work in the long term, otherwise, it will deteriorate Theocritus. I do not think, the GOI has too many options regarding current Indian financial crisis. Short term goals are tend to pose another challenge one after another.

I am sure government is ready for the challenge & find solutions, the situation will calm down within 1-2yrs. So guys let us all wait & contribute ourselves to it without hesitation. I accept one of my suggested to use the abundant& highly energetic Indian human resources. We urge the government to do so. Thank you.

In my opinions, we all needs change in ourself than our society become strong and relation between diverse groups like caste, colour, creed etc become strong and we all need to do best. We need to go in path of best not success because if everyone do his/her best than our country can be developed only in a decade. So I request please change your thinking and try to do best in all field and live like brothers and make our country India developed.

I beg to disagree with the tag that Indian economy is being given "Old Wine in a New Bottle". I agree with the fact that the economy is a new bottle having various new policies being implemented to account for the handling of multiple aspects of economy like Retail, Agriculture, Military, Power, Banking etc.

But the Indian economy is not an old wine. More number of young graduates and engineers are taking up interest in economic sector jobs from IITs, NITs to give wise inputs into the sector. Having said all that the GDP of India has lowered down from 9.3% to 4.7% in past three years starting from 2010. Precisely the Indian economy abolished the policy of License Raj, which involved the intervention of government towards decision making and were able to maximize the per-capita income substantially during 1991-96.

But the current situation is worse than that in terms of per-capita income and GDP. The reason is probably because of the fact that 51% FDI allowance in non-branded retail and 100% in branded retail has invoked a huge number of policies to be implemented. Numerous such policies have some inherent complications within them which are not flexibly interpreted by the authority of a particular section of economy. Hence seek the government intervention which bears a combination of capitalist and socialist policies. Such anomaly in interpretation creates confusion in the sectors for which the smooth implementation fails to occur. This is only the negative aspect.

So given the current resources I think that Indian economy is there to grow with increasing FDI if the policies are in sync with the concerned demands of the customer with as little intervention of the government as possible.

Hi Friends,

In my point of view, we all are know Indian economy is mixed economy, all the countries are like to market their product in Indian market, because the Indian peoples are not reject any foreign product. We always like and help others development, but they never think these thinking leads to our market collapse.

So say you all we protect our market- we use our product, we invest our money in Indian market,

Thank you.