A very incompetent, incapable and corrupt bureaucratic system, which is highly influential. This is eating away all our potentials and trying to push us backward.

A very dysfunctional governance, both at center and more so in states.

A very non-conducive investment and market policy regime.

Social Bottlenecks

Fragmented social structure. Divides society. A threat to nation's existence. The country is sitting on a pile of explosives. Can explode very easily.

There are several other bottlenecks in the system, which pose very serious threats to India's emergence as a global superpower and a world economy. However, it is not very difficult to eliminate these loopholes in a time span of 15 years. All it needs is a concerted and planned approach.

A strong Rupee, a weak Dollar, a weak Euro will shift the balance of trade in India's favour. Backed by strong financial markets, world-class financial institutions, banks and strong economy (of the tune of 20 Trillion USD) would bring India on the center-stage. The number 20 Trillion USD is very crucial because anything less than that would not do. US economy is of 17 Trillion USD now and the size does matter for influencing world order in any way. Huge trade surplus would make Indian rupee highly appreciated and India would then become net consumer for all the wealth the world produces.

Finance Minister's Strategies

1. Investment in Infrastructure

2. Energy security

3. Technological and developmental investment

4. A more prudent and investment-friendly tax regime

5. FDI-friendly regime

6. Sectoral reforms

7. Export enhancement schemes

8. Industry incubation centers

9. Growth oriented policies

10. Strategic alliance with South American and African countries where markets, economies and societies are still untapped and competition is low. These are strategic countries and a strong relationship with them would give India a strategic and first mover advantage. It will also give us a vast, unexplored market and natural resources

Next

* Contributed by: -
Prem Kumar (Finance) & Manvendra Pratap Singh (Marketing),
ICFAI Business School, Hyderabad.