Some of the measures that can be taken immediately to arrest the continuing depreciation of Indian Rupee and to reverse the trend are:
1.Making an order to permit the FIIs and NRIs to remit the sale proceeds of shares and profits during the next 3 years at the rate of exchange as on 1st September 2013 or at the time of remittance whichever is favourable to them. This will ensure that FIIs do not withdraw their investments thereby causing further fall in the value of Rupee
2.Government should borrow about US$10-US$20 billion by issuing bonds at attractive terms. This will to some extent narrow the current account deficit.
3.Government should issue tourist visas free of cost and also on arrival in India so that more foreign visitors would come to India thereby increasing earnings from tourism in spite of the depreciation of Rupee.
4. Government should reduce foreign exchange availability for Indians going abroad as tourists by a minimum of US$ 500/ – US$ 1000/ per year. About 15 million Indians are travelling abroad as tourists. Thus on an average, current account deficit will be reduced by an amount of US$ 7.5 billion- U$ 15/-billion.
5.For purchases made in India but paid for by relatives abroad in foreign currency, excise duty, sales tax etc may be waived. This will induce NRI, PIOs to gift costly items, cars,, etc.Foreign exchange will be remitted for this purpose
6. Government can also sell dollars from its reserves occasionally to strengthen Rupee
Food Security is wrongly understood by planners. Food security means keeping adequate stock of food grains in the market. While countries where climatic and other conditions are not favourable for agriculture, the governments should ensure adequate stock in the market by facilitating or directly importing food grains. In countries like India food security means facilitating production of adequate food grains by making farming a profitable profession i.e. by ensuring fair prices for agricultural produce. At the same time government should ensure work with fair wages for all adult people. Even the disabled should do jobs according to their ability. The only fields where government should provide services free of cost or at subsidized rates are health and education. This is because, these services at times can become unaffordable for people.Food grains need not be supplied at subsidised rates.
Economy can grow only when the production of goods and services grow. This can happen only when all adults work.
In the past -in 50s and 60s,the minimum qualification required for admission to most of the trades in Industrial Training Institutes (ITIs) is pass in 8th Class, while at present only for a very few-one or two-courses the minimum qualification required is 8th Class, while for the rest, it is 10th class. Similarly one could go for Teachers Training course after passing 8th class, to be able to teach in primary schools, while at present it is pass in 12th class. With a view to bring more people to work force, government should reduce minimum qualification required for admission to ITIs and Teachers’ Training Institutes to 8th class. This will make workers/teachers available for work for longer periods
Similarly, there was a category of doctors who spent just 3 years after school education to become doctors. This course would be revived.
The school education now consists of 5 years of primary education, 3 years higher elementary education,2 years high school and 2 years higher secondary school education, making a total of 12 years. This can be reduced initially to 11 years and later to 10 years. One should go for university education- degree course in Arts, science, medicine etc after completing 10 years of school education. Thls will make available to the country about 10% additional work force.
In India, life expectancy at birth has increased to about 67 years now (2011)from around 32 in 1951. Correspondingly the retirement age should also go up. government should increase retirement age to 65.This alone will increase the strength of the work force by about 10% – 15%