Challenges before MODIfied India
By Bhalchandra Chorghade
Just over a month after taking over the reins of the world’s biggest democracy and rising financial power, the new government at the Centre led by Narendra Modi has a daunting task to streamline the Indian economy which has been facing its toughest challenges so far. While the saffron government dresses itself to present the economic survey followed by union budget on July 9 and 10 respectively, the Indian Incorporation is hoping that the government doles out some sops in its endeavour to up the country’s name among world’s superpowers.
The industrialists from varied sectors as well as economists have certain expectations from Modi and his men for undertaking urgent reforms in different verticals of the trade. From tax reforms to other incentives, these wise men from business are pinning hopes on Modi to take country out of economic slump. They are seeking some perks in the real estate, agriculture and other sectors besides easing of tax policies thinking that this may ease the inflationary pressure mounting over the economic think tank at New Delhi.
Those from the industrial sectors have a clear agenda. They want the Modi government to engage private sector entrepreneurs with national development by involving them into dialogues at various levels besides sharing the activities. They also anticipate to fix an agenda of economic policies which includes initiating measures to control fiscal consolidation, fast track completion of pending developmental projects apart from taking corrective measures in various other sectors such as infrastructure, manufacturing, mining etc.
Welcoming the merger of housing and urban development ministries, the real estate sector in the country has been emphasising on the importance of state-Centre coordination so that the issues plaguing the sector can be solved amicably. The bizmen are of the view that by keeping growth as the key driver of the economy, the government should take a holistic approach while finalising its policies. They also opined that the industry in general should support all the steps initiated by the Centre in meeting its goal of maintaining growth and want more interactive parleys with various government bodies for maintaining a better understanding.
The role of the government, they say should be that of the facilitators and hope that the private public partnership (PPP) module is implemented in achieving the goal. However, the most important task in hand for the union government is to control the inflation, particularly the rising food inflation besides keeping up with its pre-election promise of easing tax burden on the common man. If the government succeeds in achieving this feat then we can surely say ‘achche din aanewale hain’ (Good days are here to come).