Elections over; Big reforms awaited!

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Now that elections frenzy is over, it is time for big structural and economic reforms. India cannot wait for ever.


 Elections over; Big reforms awaited!


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The elections in some key states have placed the BJP in a comfortable position. The party’s victories are the result of the Central Government’s efforts to address the woes of the common man – That is the key perception The government has implemented various fiscal and non-fiscal reforms, ever since it has come to power at the Centre – reforms in foreign investment policy, indirect taxes, labour laws and the Insurance Act, dispute resolution, black money, and so on. Demonetization move was widely criticized . Recent election mandate  - considered  he first formal exhibit of public opinion - proved to be the game-changer for the Indian political dynamics. Statistics show that now, 54% of the Indian population – and about 64% of the Indian territory – is now being governed by the BJP. This creates enough room for synchronized policy making and implementation. With growing prospects of protectionism in various parts of the world, India seems poised for another liberalization of foreign investment policy. That is a very positive sign. Its extent would depend on external factors like (1) performance of other major economies of the world, (2) the impact of Brexit and (3) the future of EU. The govt. would also keenly monitor US visa and border tax issues, and President Trump’s stance on trade ties with India. [ PM Modi is expected to visit the US in May and meet President Trump ] 

 India’s evolving tax regime (GST) and India’s performance on “ease of doing business” are in sharp focus. The law should prescribe adequate checks and balances to ensure that such legislations do not hamper India’s investment. Read our full Bodhi on GST, here. Reforms on tax dispute resolution  are also needed so that India’s place as a ‘preferred investment destination’ improves further. A key challenge for the Govt. is the pathetic state of the Indian banking sector. The NPA problem needs a quick resolution.  Both the Govt. and the RBI have tried / suggested various measures including bank consolidation, creation of a ‘bad bank’ and asset management company and a public sector asset rehabilitation agency to address the issue. Revival of the banking sector is crucial for the revival of industries. The Govt has not undertaken major reforms in labour laws. The election mandate should encourage the government to now undertake these reforms. This would help India’s huge labour force. The government has been bold and very active in undertaking reforms. But the Big Bang is awaited. Read many Saars on Indian economy, here and view many video analysis on Bodhi Shiksha, here.



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Bodhi Booster: Elections over; Big reforms awaited!
Elections over; Big reforms awaited!
Now that elections frenzy is over, it is time for big structural and economic reforms. India cannot wait for ever.
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