There is a spate of bold actions the new Government has to take to revive the country’s faltering economy
The ‘Modified’ politics should have electrifying effects on the economy. The nation expects it. The mandate of 282 seats, that the BJP has alone received, is decisive. It robs the new Government of any alibi that had at times made sailing difficult for the Atal Bihari Vajpayee-led NDA Government and crippled the outgoing Manmohan Singh-led UPA.
People want freedom from corruption — yet, still a lower functionary in the Income Tax department does not allow an assessee to move out of the office unless their palms are warmed. It is so in all public dealing offices — police, land registration offices and the rest. The businesses want these ‘kutta funds’ (money for dogs) they have to maintain in their account books to be wiped off. The higher one goes the higher is the cost of ‘kutta funds’. Will Prime Minister-designate Narendra Modi be able to do away with itIJ
The rising prices — over 42 per cent during last three years — has hit the family budgets. Clothing, healthcare, education, eating out have turned dearer. Service taxes, value added taxes and the luxury tax imposed by the UPA’s Minister for Finance P Chidambaram has made every aspect of eating out or purchases expensive. The alibi that the Government would not be able to do much in a weather-induced economy on prices of food products is unacceptable. Mr Modi has to function to stop commodity forward market from hoarding, end speculations and bring down prices. He has to learn the trick from Mr Vajpayee, who effectively brought down inflation and gave a momentum to the country’s economy.
The youth want jobs and the middle-aged want its continuity. About 1.2 crore people join the job queue every year. A low 4.5 per cent growth during the UPA rule, weak spending — minus 12.2 per cent fall in consumer spending in 2013-2014, industrial deceleration to 0.1 per cent, costly borrowing —and policy standstill have hit investment sentiments.
Agriculture needs a focus to allow individual farmers to boom and be part of the economic growth. There has to be a departure from corporate-induced farm growth and farm marketing that throws millions out of jobs. The farmer has to be made the pivot of the economy so that 70 crore-plus people dependent on the farm sector could thrive.
Empowering the farmers and his associates has to be the mantra for the growth of new India. It would create new jobs, stop migration and give stability to the economy. It would obviate the need to have silly unproductive schemes like MGNREGA and save the exchequer Rs33,000 crore a year — a crucial input to check high fiscal deficit and raise public investment.
The transport sector has to be revived. The national highways, the National Highways Authority of India accepts, have become synonymous with high toll exploitation, bad roads, irksome slow movement and many avoidable law and order problems. The motto of Mr Vajpayee for smoother movement has been replaced by the UPA with the motto of corporatised loot.
It has been extended to the airports; and now, of late, the railways want to emulate it too. The public-utility services have to be run for lubricating the economy and not creating further barriers.
If Mr Modi is keen on changing the face of the country, he has to simplify travel — be it by railways, waterways or air. Indians dream of a railway which they can board at their will. Complicated and corrupt reservation system needs to be changed and not to be tied to the so-called ‘dynamic pricing’. Fares have to be affordable so that even the poor can travel with ease. Trains have to be run on time. Over 50 per cent of trains run an hour to five hours behind schedule every day. An average Indian wants timely services. It requires will and managerial skill.
Mr Modi also has to take critical decisions. Money guzzling ventures like Air India should either be closed down or leased out. It’s not a difficult task for a man like Mr Modi to do. The energy and fuel-sector needs critical decision. The public-sector oil companies have to be audited by the Comptroller and Auditor-General to find out ‘under recoveries’ and wipe out the subsidies being paid to them.
The BJP’s manifesto had hinted at many reforms. The nation would wait to see how Mr Modi delivers to get the country rid of corruption, price rise, joblessness, weak spending and slow growth.