Author: Kunal Damle
We have recently seen the completion of a year of the BJP Led National Democratic Alliance (NDA) Government in India led by Prime Minister Narendra Modi. This time around though, we are seeing a fair bit of criticism that the government has squandered a lot of economic and political fortuitousness. I personally take a very different view to all this and in this introductory primer I want to enumerate some of the steps that have been taken and will have far reaching changes to the Indian economic landscape.
One of the boldest steps has been the ‘Pradhan Mantri Jan Dhan Yojana’ which has been a very successful scheme with the economically-deprived having the opportunity to open a bank account for the first time. Over 15 million people have opened bank accounts (Source: Wikipedia) and started putting money into their accounts. It not only empowers people financially, it also offers a cheap source of funding for the banks to avail off. It also removes slippage with government subsidy hitting the receiver’s account directly.
The present government has also taken steps on reforming land acquisition which has been a bane for the Indian industry. Infrastructure is another big thrust area where road building should see a big boost. The ‘Make in India’ campaign is another thrust for the government and should not only help boost the economy, but will also create ample jobs. The effective and transparent allocation of scarce natural resources has also brought confidence into the way things are done. Power production has increased and we are seeing fewer power outages today. In fact, power production has reached newer highs; power output has soared to 22,566 MW, against a targeted 17,830 MW (PMO website). In the larger scheme of things, all these steps make the Indian economy competitive, and on the path for sustainable growth.
In conclusion ‘Rome wasn’t built in a day’. We need to build each blocks of the economy brick by brick.
I will try and touch upon on each of these topics separately in the upcoming posts.
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