As we move forward into the new year, we must look back at the progress we have made in 2016 and assess what must be done in 2017. India today is the world’s fastest growing economy. Under the innovative and forward-thinking policies of the NDA government, India is fast becoming one of the world’s largest economies. However, the greatest roadblocks to our country’s ambitious goals are corruption and black money. The existence of a parallel economy of black money has damaged the economy and impeded growth and has been detrimental to the welfare of the poor.
The new year brings in a wide range of policy decisions and schemes announced by Prime Minister Narendra Modi, targeting the poor, the neo middle-class and the urban poor. Thirty-three per cent increase in rural housing, cheaper home loans, increase in the interest on fixed deposits by senior citizens, financial assistance to pregnant women, larger volumes of credit to small and medium enterprises, loan write-offs for farmers and the RuPay card are some of the measures which will help many sections of society. Such measures also demonstrate this government’s resolve to address sensitive issues. Another step in this direction is the goods and services tax rollout in 2017.
The government’s decision to demonetise 500- and 1,000-rupee notes was a landmark move to battle India’s greatest problems. Despite the lack of support from the opposition parties, the people of India wholeheartedly supported the move. The fact that the people went through the temporary inconvenience caused by the demonetisation without complaints is evidence of their desire to rid India of corruption.
Illustration: Bhaskaran
The move has already started showing positive results, as emphasised by the prime minister in his address on December 31, 2016. Following the demonetisation, as black money enters the economy, poor people will be able to get loans with great ease to build homes. The government has been able to use the positive outcomes of demonetisation to introduce more schemes for the benefit of the people. They will continue to be visible in the future, and the poor and middle-class will reap several benefits. Stepping forward into 2017, what India needs as a follow up are strict real estate reforms. Transactions in the real estate sector must be monitored stringently as this is one sector in which a large chunk of black money lies.
One of the outcomes of the demonetisation is the emphasis on digital transactions. In 2017, the government must work towards promoting cashless transactions. The government has been striving towards including every Indian in the financial system. As part of the Prime Minister Jan Dhan Yojana, 19.72 crore bank accounts were opened in one year. The next step is to increase the coverage of banking infrastructure. Encouraging digital transactions is highly helpful in this effort.
The NDA government has set the base for increased production and manufacturing in India with the Make in India campaign, which has generated a large number of jobs. An impetus must be given to the Skill India Mission to ensure that Indians develop the skills that are required to drive our economy forward.
The government has taken several courageous policy decisions during its rule and implemented them with great efficiency. Every policy move has been a part of an organised and structured effort towards a larger goal. Efficient implementation is the reason why the current government’s policies have been more fruitful than those of its predecessors, and this trend must continue in 2017.
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