Since the formation of the new cabinet under the leadership of Prime Minister Narendra Modi, all the people are engaged in advising the Modi government. As an Indian citizen, I also want to suggest to the Government what his agenda should be for the first 100 days. Signs of lethargy are clearly visible in the Indian economy. Employment opportunities are not growing. There is also slippery on the demand front in the market. The deep trade war between America and China will lead to global uncertainty, recession and difficult conditions.
In the first term, Modi had focused on some single reforms like GST, IBC, Rare and MPC. In the second term, Modi should focus on reforms like labor and land reform, which would increase productivity and introduce Indian economy in the ten-point GDP growth period. The overall agenda of the first hundred days should primarily be centered on the economy to be pulled out of recession.
Economy has three parts. Primary, Secondary and Tertiary In the primary economy, agriculture is involved in manufacturing and tertiary services in the secondary sector. Ministries such as banking, insurance, commerce, industry and even railway and road transport related to manufacturing and service in India are counted in the financial ministries.
Although agriculture’s contribution to GDP is 15.7 percent, but 60 percent of the employment in the country and 70 percent of the people depend on agriculture. Nevertheless, it is neither given the status of the Ministry of Economic Affairs nor is it given special consideration. Except for one, no financial newspaper has published a new ministerial profile. Due to the sluggishness of the agricultural economy and the decline in the rural sector, clearly the overall demand is getting affected. The new government can not afford to ignore the agricultural economy. If he neglected it, the conditions of the rural market would worsen the picture of the economy. The Ministry of Agriculture should also be given the status of the Ministry of Economic Affairs and its views, suggestions and proposals should be given as much as other economic ministries. The Prime Minister made the Agriculture Minister Narendra Singh Tomar as CCCA and was absolutely right. It is believed that Radha Mohan Singh could not leave any particular mark in his previous government, this time Prime Minister Modi made Tomar agriculture minister. In this case, the new minister should also be activated as the Finance Minister has to be active in order to make quick impact. The review of the Ministry of Agriculture should also be continued with complete alertness.
For the past four years the construction industry has been a victim of some stagnation. For this, improvements such as GST and Rare have also been responsible. This industry will have to be rejuvenated immediately. This is the second largest employment provider in India. Affordable housing scheme should be given additional support to help this area. Financial flows for this entire area, including residential companies, should be ensured. The construction industry affects more than 150 other industries and in collaboration with the agriculture sector, it can create big impact in terms of employment generation. The development of the infrastructure being developed in the form of roads, harbors, railways, airports and hospitals etc. should be given more speed. This will improve the situation of many drought-hit areas and create all the opportunities for new jobs. At the same time, efforts will be made to add private sector to the development of infrastructure. For the past five years alone, the government alone has taken the lead. In the next five years, India needs more than $ 10 million in investment in infrastructure. Its fulfillment is impossible by government spending. In case of infrastructure projects, it will be mandatory to set a strict deadline so that there is no scope for delay in their implementation. Arrangements will be made to reward projects for delays in time and to complete the timely completion.
However, after the elections of 2014, there was a spurt in private investment, but after the initial boom, there was a stalemate due to all the reasons. Harmless industrialists should be filled with warmth. As long as their trust is not restored and private investment does not accelerate, then the government should continue to accelerate growth from its expenditure. It is time that India will focus on structural structure instead of fiscal deficit. This will be a more stable system. At the same time, the finance minister will have to find a solution to the issue of resource mobilization. Removing the shortcomings of GST and simple and simple direct tax code should also be included in the 100 days agenda.
In the first hundred days, we have to work on improving the situation of liquidity and liquidity. Since the L & T crisis, there has been a crisis of liquidity especially for NBFCs and housing finance companies and even other companies. There is a huge reduction in borrowing. The RBI has taken certain steps, which has received some immediate relief. However, its profit is not available in the absence of medium and long term measures.
The improvement in the books of government banks seems to be far-fetched, but it will have to be executed. At the moment, dearness is not spreading and is under control. This should reduce the actual interest rates by 2.5 percent to the Reserve Bank. In the year 2003-04 when India’s GDP growth was around nine percent, then the interest rate on residential loans was 7.5 percent and traders were also getting loans at 7.5 to 7.75 percent.
Commerce Minister Piyush Goyal should make efforts for speeding up the opportunities created for India from the international trade war. Also, American sanctions have to be broken. This window of opportunity will not always open. Goyal is a qualified minister, but now he will have to play a skilled diplomat. As a Minister of State, Hardeep Puri will have a lot of work to him.
The success of a hundred-day agenda should be made to make ministers the criteria for their positions. Those who perform poorly have to show the way out. Disturbed India has shown great faith in Modi and he expects Modi to be true to the expectations. Hundred days of performance should be upheld.