February 5, 2015
Dear Friends, India is on growth track: When the Prime Minister Mr. Narendra Modi took charge on May 26, 2014, India looked at him with high expectations. This was because India was in a dire need of a strong leader who could steer the country towards the path of growth and bring in renewed hope and optimism to a crumbling economy. As expected, the following major initiatives by the Government under his leadership are applauded as major reform measures:
- Calrion call to global investors to “Come, Make in India” with a view to create a millions of jobs.
- Government’s decision not appeal to the Bombay High Court order giving an indication that “where Income Tax liability is ambiguous, over-stretched without any legal authority, the government will be fair” indicating a tax-friendly atmosphere to attract long-term investments.
- FDI restrictions are being eased in key areas like Insurance, defence and railway infrastructure, etc.,
- Policies to improve the constraints posed by labour laws and move towards a more efficient labour market
- A new ministry for skill development tasked to oversee the biggest challenges that can slow down any growth aspiration.
- Plan to revamp the Planning Commission by Neeti Ayog headed by Prime Minister – meeting with the Chief Ministers of all the States