Thousands celebrate Greek referendum 'No' vote
The truth is that Greece's issues are applicable to India as well. Tax to GDP ratio in India is one of the lowest in the world at around 10.5% of GDP, which has stayed stagnant over the last fifteen years. India does not seem to have the political will to broaden the tax base and this government must focus on this aspect if India has to move forward. India's pension liabilities are only going to increase as the government's bloated workforce retire in the coming years. Demographics are changing with more of the current labourforce entering retirement age. The government still runs a huge public sector that is inefficient, unproductive and contributes to a large part of the country fiscal deficit.
Government run banks are facing huge NPA problems that require immediate attention. Credit growth is at two decade lows as banks are unwilling to lend to the economy. Labour laws in India require reforms especially for the public sector.
India has the luxury of a large domestic consumption driven economy but that cannot take it out of trouble if the country structurally does not change for the better.
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http://www.nidokidos.org/threads/242974
Posted by: Lakshminarayanan <adayaranumon@gmail.com>
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