New Delhi:
Under Prime Minister Narendra Modi’s steering capabilities, India has strikingly come out of the dismal show of economy in which it was for the past few years.
“Well, it seems Modi magic is working effectively now,” agrees Renowned Economist Dr Suvrokamal Dutta while speaking to News Nation in an elaborate interview.
Defining the economic outlook of the country for the next year, Mr Dutta mentioned that surge in the popularity of PM Modi has definitely set the right approach for India in foreign market.
On being asked about the reasons for the charting growth and lower inflation rates, Mr Dutta said, “It is definitely Modi factor. Earlier bad decisions of UPA govt and weakened policies adopted by ex-PM Manmohan Singh led to the failure in every segment. But, Modi has emerged as a remarkable leader who knows his decisions and have implemented them well.”
He added, “Be it his outstanding take at tackling inflation or preventive measures in handling price mechanism, the PM has simply won hearts. His practical decisions regarding hardcore industry and agriculture sector have led to rein the high inflation rates.”
“Mr PM has been even able to win the hearts of Indian diaspora during his recent foreign trips which has set a positive environment in the markets. Even India’s stand on WTO has been lauded by the industry. Basically catering needs from primary sector to secondary sector by PM has set a catalyst approach in the market setting a positive chain reaction among those who had or always wanted to invest in India. Business is all about investing and that is where Mr Modi has set the tandem right.”
Discussing the investment pattern this Diwali, Mr Dutta advised that people looking forward for long term investment must focus on fixed deposits, mining and agriculture sector while those looking for medium term investments must opt for shares, alliance companies and hotel industry.
For those who are looking to reap short term benefits, investments in insurance sector, raw gold and jewellery are advisable.
However, Mr Dutta was candid enough to outline the short comes of Modi government, too. He said that Prime Minister must work to develop a consensus with the opposition and state governments to pass the insurance bill and GST in next session of Parliament.
Debating about the recently witnessed online wars this Diwali, Mr Dutta clearly mentioned that online is here to stay but it will never be able to take head on to retail market as the latter promises goodwill and guarantee which the online world definitely lacks till date. Not to mention the recent scandals of Flipkart.
On deregulation of diesel prices, Mr Dutta was affirmative that Modi govt is doing its bit to bring down the prices of fuel by stating, “Earlier fuel prices be it diesel or petrol were uncontrollable because of the UPA govt’s policy paralysis, which is set to take a U-turn now.”
