Controlling the Fiscal and CAD –III 1) The largest source of dollars is NRIs: NRI remittances and deposits, both short term and long term can spruce up the rupee. The govt. is trying to woo NRIs and it has succeeded to some extent. 2) The subscriber in the proposed pension scheme can avail loans as per his deposits 3) The entire scheme can also be linked to microfinance for the low income households. 4) Religious institutions like temples, mosques, gurudwaras, and churches etc. have huge amounts of money stashed with them that is unutilized. They can be given licenses for microfinance banking for the poor. This way, they will be doing god’s work while augmenting their wealth and growth and jobs would also be created. According to newspaper (22.08.2013) reports, it is already being contemplated by the Church of England in England. 5) Travel and transport: our transport, both passenger and freight is mainly based on road and dependent on oil. We can transfer it to railways as much as possible that is a much cheaper option. Our exports would also become more competitive. However, railways also run on power that is a scarce commodity in India. Again, solution to power is the answer. 6) Agriculture: we are importing pulses and edible oil in large quantities because of low and unplanned production in India. Some experts argue that we should look global in agriculture. Countries where extensive agriculture is practiced are more suited to pulse cultivation whereas we are more suited to food grain cultivation. In this case, why are we not exporting the excess food grain with us? 7) Medical tourism: a lot of patients can come to India for heart surgeries, joint replacements etc. Medical services in India are cheap and of good quality. Tie ups are required with international health insurance companies that can provide cheap services in India at a lower premium to their clients. 8) Tourism: India should develop its tourism so that locals prefer to travel in India rather than going abroad. We should be able to attract foreign tourists as well. 9) To offset local slump, Indian companies should be looking towards foreign countries to increase their profits and bring in foreign exchange. It is particularly relevant to retail companies. They can sell Indian products in foreign markets, doing the nation a lot of good. 10) Films: Indian films are doing well abroad. These can also bring in foreign exchange. Markets other than NRIs should also be explored.
Posted on: Sat, 24 Aug 2013 08:21:54 +0000
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