India, May 29 -- The economic situation across the world is fraught with several uncertainties today, which are clearly the result of a number of political developments that have taken place in recent times. One major factor that is likely to lead to an overall decline in global economic activity is the trade war between the US and China , possibilities of resolving which seem extremely distant at this point of time. There are some economists who have taken the position that perhaps by the end of this year and in 2020, the world could face an economic recession.

In the case of India, we do have a new Government, which has received a massive mandate under the leadership of Prime Minister Narendra Modi. It would be extremely important for ...