Even as the state of the economy poses numerous challenges, the priorities of the Narendra Modi government can be bracketed under three broad heads keeping the priorities highlighted in the BJP’s manifesto as a guide:
Taming inflation: Achieving greater efficiency in the Food Corporation of India’s operations and setting up a price stabilisation fund. Will also set up special courts to stop hoarding and black marketing.
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Tempering interest rates: Addressing supply-side concerns and pursuing interest rate cuts to stoke growth.
Simplified tax regime: Bringing in Goods and Services Tax. Addressing ongoing tax related fights and overhaul dispute resolution mechanisms.
Reviving Industry: Single-window clearance at Centre/state level. Coordinated approach for environmental clearances. Foreign direct investment boost.
Promote Manufacturing: Promoting labour-intensive mass manufacturing through interest rate rationalisation, stable tax policy. Labour reforms. To work towards removing
Infrastructure: Diamond Quadrilateral project with high-speed train network, National policy on natural resources