Former Prime Minister and economist Manmohan Singh has suggested few structural reforms to deal with the economic challenges which the country is facing. During an interview he said that the government first had to acknowledge the crisis.
He said the there has already been a lot of time loss. He further added that instead of wasting its political capital by adopting a sector-wise piecemeal approach, or on monumental blunders like demonetisation, the time has now come for the government to carry out the next generation of structural reforms.
He added that the crisis was of a different kind.
He has said that the blunder of demonetisation has triggered the slowdown. He has suggested remedial measures to reverse the fall in growth. It would take a few years to get out of the slowdown if the government acted sensibly now. He went on to add that the two most important things to do were simplifying and rationalising the Goods and Service Tax regime and finding innovative ways to boost rural consumption and revive agriculture.