Tasked with conducting policymaking in this evolving situation, the government is expected to keep faith in old warhorses agriculture and infrastructure for immediate revival of demand. As a longer-term strategy, it is likely to focus on manufacturing to strengthen the domestic value-chain in select sectors.
The efficacy of the strategy will depend on scores of secondary sector reforms. The most important of these are finding a mechanism for fast-track implementation of infra projects and resolving issues with infrastructure finance, by reviving development finance institutions (DFI).
To keep the export economy going in the face of global recessionary trend, India should explore the opportunity of local currency-based trade with neighbours.
Local currency trade
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