विगत पाँच वर्षों में भारतीय रिजर्व बैंक (RBI) ने मुद्रा स्फीति को नियंत्रित करने के लिए कई महत्वपूर्ण कदम उठाए हैं:

1. न्यूनतम समर्थन दर (Repo Rate): RBI ने बार-बार रेपो दर को संशोधित किया है। उदाहरण के लिए, 2020 में COVID-19 महामारी के दौरान, RBI ने दरों में कटौती की थी, लेकिन बाद में स्फीति बढ़ने पर इसे पुनः बढ़ाया। इससे बाजार में तरलता का प्रबंधन हुआ।

2. तरलता प्रबंधन: RBI ने ओपन मार्केट ऑपरेशंस (OMOs) के माध्यम से सरकारी बांड खरीदने और बेचने की गतिविधियों को संचालित किया, जिससे बाजार में धन की आपूर्ति को नियंत्रित किया जा सके।

3. संपत्ति गुणवत्ता निगरानी: बैंकों को उनके ऋणों की गुणवत्ता और जोखिम प्रबंधन में सुधार के लिए निर्देशित किया गया, जिससे वित्तीय प्रणाली की स्थिरता बढ़ी।

4. संपूर्ण नीति: RBI ने महंगाई लक्ष्य को ध्यान में रखते हुए मौद्रिक नीति की रूपरेखा को स्थापित किया, जिससे 4% की महंगाई दर को बनाए रखने का प्रयास किया गया।

इन पहलों के परिणामस्वरूप, RBI ने पिछले कुछ वर्षों में स्फीति को नियंत्रित करने में सफलता प्राप्त की है। हालांकि, 2022 में वैश्विक आपूर्ति श्रृंखला संकट और उच्च कच्चे तेल की कीमतों के कारण स्फीति फिर से बढ़ गई। इसके बावजूद, RBI की नीति और उपायों ने वित्तीय स्थिरता को बनाए रखने में महत्वपूर्ण भूमिका निभाई है।

हालांकि चुनौतियाँ अभी भी बनी हुई हैं, RBI की कार्रवाइयाँ भारत की अर्थव्यवस्था में स्फीति के प्रभाव को सीमित करने में प्रभावी साबित हुई हैं।

The Government of India’s Budget 2023-24 presents several salient features aimed at promoting growth and enhancing welfare.

1. Infrastructure Investment: The budget allocates over ₹10 lakh crore for infrastructure development, focusing on roads, railways, and urban development, which is expected to stimulate economic activity and job creation.

2. Support for Agriculture: There are increased allocations for agricultural loans and schemes to enhance irrigation facilities, ensuring better support for farmers and rural development.

3. Healthcare and Education: Significant funding is directed towards health infrastructure, with a focus on expanding the Ayushman Bharat scheme and improving medical facilities. Education is prioritized through initiatives aimed at enhancing skill development and vocational training.

4. Green Initiatives: The budget emphasizes sustainable development by promoting renewable energy projects and eco-friendly practices, aligning with global climate goals.

5. Social Welfare Programs: Enhanced allocations for schemes like the PM Awas Yojana aim to provide housing for the economically weaker sections, thereby improving living standards.

To improve India’s trade, several strategies can be implemented:

Strengthening Trade Agreements: Expanding Free Trade Agreements (FTAs) with key markets can enhance access and reduce tariffs.

Boosting Domestic Manufacturing: Promoting the “Make in India” initiative can reduce import dependency and increase exports.

Investing in Logistics and Infrastructure: Improving transportation and logistics systems will enhance efficiency in supply chains, reducing costs for exporters.

Enhancing Export Promotion Schemes: Increasing financial support and incentives for exporters can boost international competitiveness.

By implementing these measures, India can strengthen its trade position in the global market.

India’s foreign trade position has shown resilience amid the recent global scenario marked by the COVID-19 pandemic and geopolitical tensions. In the fiscal year 2021-22, India’s exports reached approximately $400 billion, showcasing a significant recovery driven by strong performances in sectors like pharmaceuticals, textiles, and engineering goods. Despite the challenges posed by global supply chain disruptions and rising commodity prices, India has managed to diversify its export markets, focusing on countries like the United States, the UAE, and several African nations.

However, India also faces challenges, including a widening trade deficit, which surged to about $190 billion in 2021-22 due to increased imports of crude oil, electronic goods, and machinery. The dependency on imports for critical goods exposes vulnerabilities in the economy, particularly amidst fluctuating global prices and supply uncertainties.

To enhance its trade position, India can implement several strategies. Strengthening trade agreements, such as the proposed Free Trade Agreements (FTAs) with the EU and the UK, can expand market access. Additionally, investing in infrastructure and logistics can improve export competitiveness. Promoting ‘Make in India’ initiatives to boost domestic manufacturing will help reduce import dependency.

In conclusion, while India’s foreign trade shows promise, strategic measures are essential to address the challenges and leverage opportunities in a rapidly changing global landscape.