Fiscal Discipline, End of Corruption To Make India World Leader

In the annual economic survey presented in the Parliament on 25 February giving an indication of new spurt in economy, it has been said that in the next four years, India would become the fastest-growing economy of the world. At the moment, it is the second fastest-growing economy of the world, after China.

Growth Rate
Analysts believe that in the coming years, India would leave behind China in this matter. This is also being confirmed by development-related figures of the economy. Despite recession, the country's economy registered a growth of 6.7-percent during 2008-09. During 2009-10, the growth rate is expected to be around 7 to 7.5-percent, and during 2010-11, it is estimated to be around 8 to 8.5-percent.
The government would have to strengthen its fiscal condition so that the county's economy could become the fastest-growing economy of the world, and would have to give proper direction to government spending. Apart from this, it would also have to review the big dose of concessions given to industries to deal with global recession, and to provide momentum to the economy.
Most industries have not only as come out of recession now, they are also growing with considerable speed. Such industries do not need any kind of stimulus now, but those industries that have not yet fully recovered from recession do need it partially. After some time, when their condition improves, these incentives could also be withdrawn. Some incentive certainly needs to be given to those industries where the pace of investment is still slow.

Improve Infrastructure Facilities
To become the fastest-growing economy of the world, it is also very necessary to improve infrastructure facilities in urban and rural areas, and to end corruption at administrative level. We cannot imagine development without infrastructure facilities i.e. electricity, roads, and rail. There is no doubt at all that if the country could be freed from rampant corruption prevailing at the government level, we would not only become the biggest economic power of the world, but could also become a global superpower in other fields as well. Some of our people have amassed illegal wealth in the Swiss banks in huge quantities.
With that, we could not only repay all our foreign debt, but would also be in a position to lend money to others. If that happens, we would be able to easily deal with the curse of price rise and poverty.