REFORM TO PERFORM
New Government in
INDIA has rolled up his sleeves for a slew of reforms—some have been announced
and implemented, some are getting framed and some caught up in administrative,
political and legislative tangles.
The
initiatives on Jan Dhan, Make in India, Smart Cities, Digital India, Skill
India, Clean India, Shramev Jayate and diesel price decontrol are no mean
achievements considering the policy inertia in the past few years. The launch
of MyGov portal that aims to engage the masses with the reform process, and
streamlining various procedures by making them online—be it environment
clearance or labour law compliance, has indeed improved the level of
governance.
The
policy focus is now on rejuvenating manufacturing to create 100 million jobs
but what is equally needed is a thrust on accelerating the growth of services
sector that contributes close to 60 per cent of GDP and almost half of it
coming from small firms. While Skill India is a much-awaited initiative, it has
to ensure durable employment opportunities and not a short-term contractual job
for the restless youth. Financial inclusion will be of little use unless it
leads to poverty alleviation and empowering women, who comprise almost half the
population but its share in the country’s labour force is only 29 per cent.
The
question is :
Are
regulations and policy environment congenial for investors as yet?
Has
India’s ranking in ease of doing business improved significantly?
Has the
investment cycle revived?
The
answer is NO.
Sensex or FDI commitments should not be the lone
matrix for measuring the well-being of the 1.2 billion people—retail investors,
most of which are urban rich, hold less than a fifth of equity in Indian firms
and hence a majority of Indians don’t quite benefit from a rise in share
prices.
Expectations and aspirations are soaring, the
country is eagerly and restlessly waiting to see the results of these reforms
in terms of higher growth, more jobs and entitlements. Which is why,
expectations are high that reforms must show visible results and start
transforming the lives of Indians.
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