The estimation of 6.9 percent GDP growth has been proved spoilsport for India which has been tom-toming for being in the league of fastest growing economies of the world. While in the past, the ministers and mandarins sprung their confidence of achieving a sustainable 8-9 percent GDP growth rate over next 20 years, the recent projection of 6.9 percent GDP growth in the current fiscal is no less than alarming for the economy. It is more intriguing as just a year ago, the GDP growth rate was pegged at 8.4 percent, which is a tell-tale sign that something has gone wrong in current fiscal year. The current GDP growth estimation of 6.9 percent is almost same as the growth rate of 6.8 percent registered during 2008-09 global recession. Undoubtedly, the domino-effect of US economic slowdown and Eurozone crisis has taken its toll, but still it cannot be said that the country has entered a phase like 2008-09 meltdown. It is need of the hour that the government should be more accountable and put off their cry over global financial woes and take some initiative to boost the economy. Needles to say that the buck stops with ruling dispensation at the Centre for this dismal estimation of the GDP growth rate. The government’s inability to assess situation is evident with gap in their estimation and actual figures in current fiscal. It is rather more worrying that just a week back the Prime Minister had estimated to achieve 7-7.5 percent growth rate in current FY. The estimation below the 7 percent mark shows that situation may worsen if appropriate steps are not taken well within time.

Though government has promised to come up with control measures in the coming budget, people do not seem to be satisfied going by the past experiences. It is rather evident that despite pressure from all corners, the government has failed to take concrete steps regarding economic reforms. Even concerned ministry is not much keen in this context.
Economists around the globe unanimously said that the government of India is unable to take decision on time. The way international retail players have been prohibited to enter Indian market has endorsed government’s inability of decision making. There is still murky scene over Direct Tax Code, Goods and Services Tax and Special Economic Zones. The government needs to overcome their inability of taking proper steps in order to pursue its dream of becoming a developed nation.