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Chanakya perhaps foretold India’s current predicament 2300 years ago, “In the absence of fruitful economic activity, both current prosperity and future growth are in danger of destruction”.
The prospective government must direct growth through a three dimensional agenda- short term, medium term and long term, to be sketched at inception. It is critical to adopt the ‘one mandate and one vision’ under a strong, central PMO coordinating the Centre and States freed of silos, with steps forward consistent with the one consensus approach.
Monitoring end use of funds; implementing cost effective measures; restoring credibility of key institutions; observing transparency & consistency and adopting an integrated perspective form prominent softer aspects of policy reforms.
The reforms framework should be driven by making it easy for people to do business in India and confirm with best international practices. To ensure overall development, it is necessary that 6-7 areas are shortlisted and driven through a central monitoring agency. These include all major Infrastructure projects, reviving manufacturing by creating an eco system, viable agriculture, linking food processing and retail to modernized agriculture, labour reform, land reforms and public housing.
GST implementation must be carried out to deliver multiple benefits in one move. The Government must simplify the tax structure and bring maximum people under the tax net. FDI must be introduced in Defense, R&D, financial and insurance sector reforms and the new government must raise a stable tax structure that supports national infrastructural growth with focus on manufacturing and retail sectors. Reforms and investments need to made for necessary education on public health to meet the growing demand of large population.
The Government should invest in resources in other parts of the world, for example - Africa to ensure consistent and competitive supply of natural resources.
It is time to relook at all the subsidies given, privatization of the public sector, workable PPP model.