The International Monetary Fund (IMF) has assessed that Indian economy has picked up fast pace and within three years it will have participation of 15 per cent in the Global Economy. Its economy is heavy like elephant now moving in fast speed. Presently its economy is 178.5 trillian dollars. Till March 2019 it will move up by 7.3 present and thereafter it will grow up 7.5 per cent.
The Purchasing Power Parity (PPP) will be 15 per cent in global economy. In the coming three decades (30 years) its population growth would remain as it and thereafter it would come down. The 30 years period is very long and India should make all out efforts to control and reduce it with determination to achieve goal.
The great size land area and population both make self sufficient in itself. It can produce and consume to regulate the economy comfortably. It can never be dependent on foreign markets to sustain its industrial production and consumption. All developed countries see India as big market. The car segment is flooded with foreign car making companies doing roaring business.
Like so many other countries India is also dependent for petro crude on others. But for oil producing Arab Nation India is a very big customer also. Before Independence India was having small oil fields in Assam alone.
Now we are producing crude oil at Bombay High and Ankleshwar in Gujarat. The oil well being exploited in other areas also with hopeful signs of reserve in many areas particularly Godavari Basin. If India is able to have petro-crude to meet its own requirement its economic growth will go up with super-sonic speed.
The IMF has said that demonetization and GST gave two severe Jerks to Indian economy in 2016 and now it is coming out of this phase. But the GST in India has two many slabs - (5-12-18-28 per cent) and it be reduced two standard rate system.
India needs to reinvigorate reform efforts to keep the growth and jobs engine running for growing working age population, which constitute about two third of the total population. In India the per capital income is about 2000 dollar, which is still well below that of other large emerging economies.
The efforts in banking sector will help to solidly bank balance sheets and support to flow of credit to the
rapidly expanding economy.