Prime Minister Narendra Modi's government is finally waking up to the severity of the Indian economy's problems.
The Reserve Bank of India and The International Monetary Fund, among other rating agencies and investment banks, have also lowered their confidence in the Indian economy's projected 2019 growth.
The government of India had introduced administrative and tax changes through the efforts of Finance Minister Nirmala Sitharaman.
The problem, according to Hindustan Times, is that these stimulus measures are seen by many to be "not bold enough." At the very least, the finance minister, along with the entire ministry, is willing to take this criticism in order to adopt a "more realistic view" of the country's economy.
The country also finds optimism enough even in some of the more disappointing areas. The auto industry is one good example; they've been asking for cuts in taxes or some kind of support in the form of budget stimulus.
They've also had reason to ask for it; they have just passed through their worst month ever since December 2000 with very low sales in cars, to the tune of a 35% drop year-on-year.
Others have grown impatient with the seeming lack of concern from the Modi-led government. Senior Congress leader Digvijaya Singh is one of those calling for more action, stating that the government appears clueless on what kind of "recession" the country is in for, New Indian Express reported.
He also said that the decisions the Reserve Bank of India is making are due to the leadership. With no economists leading the Reserve Bank, he said that the government doesn't have the necessary help to fight back. Modi also appears to be comfortable, according to him, in spite of the problems of the country. He also said that the country is headed to nothing short of "anarchy."
Congress leader Anand Sharma also said that the RBI's move hasn't been in line with what any of the past governors would've done. It would also fall on the government to "intimidate" the Reserve Bank or any other institutions, but appeared to have done the wrong actions, according to the statesmen.
With all of these problems the government is facing, Modi and Sitharaman are asking for more calm and collected decisions, as well as more trust into taxpayers. The government appeared to have reversed its course with criticism of the "tax terrorism" reaching them.
Perhaps, time will only tell whether Modi is really in touch with the problems facing the world today. He should act fast before an actual recession does happen.