Business Today talks to Johney Maheshwari; PGDM class of 2015, SP Jain Institute of Management and Research, on what should be the new government's agenda -
Tweets about "#newgovt"Sensex has crossed 25,000, up 1200 points. Rupee has appreciated to 58.63 against the dollar. But the biggest news is that Mr Narendra Modi is poised to become the next Prime Minister of India. Tall promises have been made and Mr Modi must deliver to justify the Modi wave, the Gujrat model and the trust of the people. Here is a list of five things, Modi must deliver in the next 100 days to get the Indian economy back on the growth track.
1) Efficient, action-oriented cabinet : Have accountable, time-bound cabinet and bring related ministries under one roof to streamline functioning. Focus on effective functioning of the Committee on Investment and the project monitoring group.
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2) Growth first, redistribution later : The need of the hour is to revive the Indian economy and leverage the existing global conditions to spur growth. The key is to focus on growth through employment by strengthening the manufacturing, infrastructure and tourism sectors. Developing India as a global hub for Arbitration and Legal Process Outsourcing is an excellent view in BJP's manifesto.
3) Foreign investment : Root out administrative inefficiencies, adopt business-friendly policies, minimize red tape in approvals of infrastructure projects. Aggressively push for FDI for job creation and acquire niche technology. Long term equity investments are required to sustain a high growth rate.
4) Centre-State relations : Involve all chief ministers in the development plan to implement the model of national development driven by states. Give states flexibility to mould policies as per their unique context.
5) End policy paralysis : Passage of bills like GST (Goods and Services Tax), DTC (Direct Taxes Code) and insurance are now an imperative for the economy. Fiscal deficit must be continuously brought down. Improve ease of doing business in India. Initiate steps to scrap administered price model.