Although during the decade long rule of the UPA, we saw people like P. Chidambaram, Manmohan Singh and Pranab Mukherjee safeguarding the finance ministry, our current economic condition seems to suggest the finance ministry was an orphan child. When China could become the second-largest economy in 2014 from being one of the poorest countries in the late 1970s, even India can leave all its peers behind in terms of growth and per capita income.
We still have a current account deficit of 3-3.5 per cent of GDP which makes our sovereign credit ratings vulnerable and thus we pay a lot more as interest for the funds we borrow. We need a healthy environment for foreign investors. We need FDI urgently in complex and high technology demanding sectors while FDI in single or multi brand retail would neither help nor hurt our growth. We still have big retail players in India but there remains a huge potential for small kirana shops owners.
Rahul Gupta is a student of IIM, Shillong, 2013-15 batch.