Business Today
Loading...

14 ways to India's economic Big Bang: Arvind Virmani

Virmani lists out 14 major reforms carried out by the Modi government, while also mentioning that six more were pending to be implemented in the current financial year

twitter-logoBusinessToday.In | October 22, 2020 | Updated 16:01 IST
14 ways to India's economic Big Bang: Arvind Virmani
India reforms: accelerating to big bang, says Virmani

Economist Arvind Virmani has hailed the Modi government for carrying out "big bang" reforms in all the key areas to address the economic challenges and ensure all-round development. Virmani had served as 13th chief economic adviser of  India from 2007-2009. Virmani listed out 14 major reforms carried out by the Modi government, while also mentioning that six more were pending to be implemented in the current financial year.

India Reforms: Accelerating to Big Bang 1. Natural Resource (coal, spectrum, oil, minerals) Sale Through Auctions 2....

Posted by Arvind Virmani on Wednesday, 21 October 2020

In a Facebook post, he said the government has carried reforms in the distribution of natural resource (coal, spectrum, oil, minerals) via auctions; India Bankruptcy Code, Goods & Services Tax, monetary policy committee, DBT/Aadhar-inclusive bank accounts; and digital India, FinTech, E-governance.

Also read: Raghuram Rajan cautions govt to not go in direction of 'import substitution'

He also talked about the initiative taken by the Centre to create 'investment competition' to break government monopoly by allowing the entry of private players in coal, airports, railway stations, defence, passenger trains, atomic energy and space.

He listed out reforms like the corporate income tax cut, education policy, strategic industry and services policy framework; agriculture reforms, new labour codes; the Electricity Act, 2003, as some of the reforms carried out by the Centre.

Also read: No leniency till we get a vaccine, says PM

Virmani said the reforms like GST simplification (rates, exemptions, cess); direct tax code; direct cash transfer via mobile wallet; Apprenticeship Act; rural self-employment, e-skilling platforms are yet to be carried out by the government.

Other reforms the Centre is yet to carry out are external/EXIM simplification and EoDB; SEZ digitised self-filing and random post-filing audit; FTAs (SCRI) with EU, USA; and decriminalisation and reduction of regulatory compliance's, he said.

Also read: Reforms to limit COVID-19 impact for long-term growth: FinMin

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close