PM Narendra Modi posts on LinkedIn, lists 9 policies to promote growth

Source: DNA India

Prime Minister Narendra Modi on Sunday in a post on LinkedIn listed nine policy decisions and said the government is moving fast in designing policies and laws to promote growth.

In a post, Narendra Modi said, “On 16th January 2015, I got the opportunity to address the Global Business Summit organized by The Economic Times. In the speech, I elaborated how the New Age India has begun its transition from an environment of subdued achievement, to a new age of development that beckons.”

The post further added, “The country had fallen into deep despair with low growth and governance at rock bottom. A series of scams, from telecom to coal had paralysed the economy. We deviated from the dream of India as a land of opportunity. No longer can we afford the flight of capital and labour, for lack of opportunity. Mahatma Gandhi said that we should not rest until we “wipe every tear from every eye”. Elimination of poverty is at the core of my understanding of cohesive growth. To translate this vision into the reality of a New Age India, we must be clear about our economic goals and objectives,” he added.

Here is the full post from LinkedIn:

The Transition of New Age India has Begun

The government must nurture an eco-system:

1) Where the economy is primed for growth; and growth promotes all-round development

2) Where development is employment-generating; and employment is enabled by skills

3) Where skills are synced with production; and production is benchmarked to quality

4) Where quality meets global standards; and meeting global standards drives prosperity. Most importantly, this prosperity is for the welfare of all.

Our government is moving fast in designing policies and laws to promote growth.

First, we are committed to achieving the fiscal deficit target announced in the budget. We have worked systematically in this direction. We have the Expenditure Management Commission to suggest cuts in wasteful expenditure.

Second, the petroleum sector has seen major reforms. Diesel prices have been deregulated. Gas prices have been linked to international prices. This will bring a new wave of investment, increase supplies & will resolve problems in the key power sector.

Today, India’s cooking gas subsidy is the world’s largest Cash Transfer Programme. Over 80 million households receive subsidy directly as cash into their bank accounts. This will completely eliminate leakage.

Third, inflation has been controlled through firm measures. While falling oil prices helped, even non-oil inflation is at a very low level. Food inflation has come down from over 15% a year ago to 3.1% last month. This set the stage for RBI to reduce interest rates, and push growth in a stable manner.

Fourth, the consensus we arrived with States for amending the Constitution to implement GST is a major breakthrough.

Fifth, the poor have been included in the financial system with the Pradhan Mantri Jan Dhan Yojana. We are today a nearly 100% banked country. Financial unity – bringing everyone into the financial system – is one cause which both capitalists and socialists agree on. What, my friends, can be a bigger reform?

Sixth, the energy sector has been reformed. Coal blocks are now allocated transparently through auctions. Mining laws have been changed to facilitate efficient mining. Similar reforms are on the way in the Power sector. We have revived long pending projects in Nepal and Bhutan, with the cooperation of their governments. Steps are being taken to deliver 24 x 7 Power for All, using every possible source, including renewable energy.

Seventh, India is being made an attractive destination for investment. FDI caps have been raised in Insurance and Real Estate. FDI and private investment are being promoted in Defense and Railways. The Land Acquisition Act has been amended to smoothen the process and speed up matters. This will give a thrust to infrastructure and manufacturing, while protecting the compensation to farmers.

Eighth, infrastructure is being given a boost. Greater investment is planned in railways and roads.

Ninth, transparency and efficiency in governance, and institutional reforms are essential elements for rapid growth. These, along with a positive regulatory framework, tax stability, and ease of doing business, are being pushed ahead at top speed. I also recently assured Public Sector Banks they will have total autonomy in taking business decisions.

A major institutional reform is the move away from merely planning, to transforming India. The setting up of the National Institution for Transforming India, NITI Aayog, is a step in this direction. The NITI Aayog is our Mantra for creating trust and partnership between the Centre and States.

Friends, reforms must have a concrete objective. The objective must be to improve the welfare of the people. Reforms may not be apparent to one and all at first sight. But small acts can drive reforms. What appears minor can actually be vital and fundamental.

Further, there is no contradiction between doing big tickets items and doing small things. We need to follow both paths. For example: Generating 20,000 MW of power attracts a lot of attention. At the same time, 20,000 MW of power can be saved through a people’s movement for energy efficiency. The second is more difficult but is as important as the first. Small indeed, is beautiful.

In agriculture too, our main goal is to raise productivity. This will require using technology, increasing soil fertility, producing more crop per drop, and bringing the latest from Lab to Land. On the output side, the entire value chain in agriculture will be addressed through better storage, transport and food processing linkages. We will link farmers to global markets. We will give the world the Taste of India.

India is a 2 trillion dollar economy today. Can we not dream of an India with a 20 trillion dollar economy? Quick and easy reforms will not be enough for creating a fast growing economy. That is our challenge and that is what we aim to do.

Digital India and Skill India are attempts in this direction. Digital India will reform government systems, eliminate waste, increase access and empower citizens. It will drive a knowledge-driven growth. Broadband in every village, with a wide range of online services, will transform India in a manner we cannot foresee. Skill India will harness the demographic dividend which everyone talks of.

Economic development cannot take a nation forward on its own. We need a society and economy which complement each other. We need to take care of the poor, deprived and left behind sections of society with a well-targeted system of subsidy delivery. We need to cut subsidy leakages, not subsidies themselves. The ultimate objective of subsidies should be to empower the poor, to break the cycle of poverty, and become foot-soldiers in our war on poverty.

Development also has to result in jobs. Reforms, economic growth, progress – all are empty words if they do not translate into jobs. What we need is not just more production, but mass production and production by masses.

Further, development seems to have become the agenda only of government. It is seen as a scheme. That should not be the case. Development should be a people`s movement.

Today, everyone is looking towards Asia for inspiration and growth. And within Asia, India is important. Not just for its size, but for its democracy, and its values. India’s core philosophy is सर्व मंगल मांगल्यम् (Sarva Mangala Maangalyam) and सर्व भवन्तु सुखिनः (Sarve Bhavantu Sukhinah). This is a call for global welfare, global cooperation and balanced living. India can be a role model of growth and cohesiveness for the rest of the world.

Swami Vivekananda had said “Arise, awake, do not stop until the goal has been attained”. This should inspire us all to achieve the vision of a New Age India.

Together, we can!

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