2 years of Modi: Time for big-bang changes; public-private sector mistrust needs to be corrected

Description

The Modi government has completed 731 days in power. It had assumed power with with a clear mandate favoring change. The Modi government has completed 731 days in power. It had assumed power with with a clear mandate favoring change. The sentiments continue to echo even after two years as reflected in the results of recent state elections. The challenge to transform India from a socialist society to a modern capitalist economy seemed to be initially accepted and eloquently demonstrated in an announcement to abolish the Planning Commission from Red Fort. But, that fervor has dampened thereafter. The economic problems that the government inherited two years ago, can be briefly summarized as followsa) nearly half of households did not have bank accounts; b) more than 95% of the micro, small and medium enterprises were not funded by formal financial institutions; c) 25% of youth less than 25 years of age were unemployed; d) low female participation in workforce; e) 90% of the population working in unorganised sector had no access to social security; f) rampant corruption; and g) policy paralysis in decision making. Since May 2014, there have been a series of gradual measures, none big bang, to address each of the issues flagged above. Read more at: https://www.financialexpress.com/opinion/two-years-of-modi-government-time-for-big-bang-reforms-is-now/268559/

Publication Date

30-5-2016

Publication Title

Financial Express

Publisher

The Indian Express [P] Ltd.

Keywords

Economics, Economic growth, Economic development, Public sector, Private sector

Source Link URL

https://www.financialexpress.com/opinion/two-years-of-modi-government-time-for-big-bang-reforms-is-now/268559/

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