With Mr. Narendra Modi taking oath as the Prime Minister for his second term, India is all set to undertake the next level of reforms to remain a global economic power. The overwhelming win of the NDA led by Mr. Modi in the recent general elections will propel India’s growth to the next orbit and accelerate the transformation of the economy.
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As would be clear from the first 100-day agenda of the new Government, Mr. Modi would lead the nation in all critical areas, be it health, education, enhancing financial inclusion, infrastructure, agriculture reforms and strengthening of the industrial landscape.
Over the last five years of his leadership, Mr. Modi has brought in innovative mega missions that have changed the lives of hundreds of millions of citizens, driving a new template for development. With the mandate for another five years under his visionary and strong leadership, the transformation of India is on the fast track.
Empowered with a huge mandate, it is expected that the Government would be able to undertake some landmark reforms in several key areas like taxation, labour and land. Some of the path-breaking reforms such as GST and the Insolvency and Bankruptcy Code are bound to get a further push that will help India Inc. deal with fresh issues in the banking and financial sector. Besides, a strong and stable government would empower the Reserve Bank of India (RBI) to go in for a significant cut in lending rates, while private sector investments would pick up pace sooner than later.
A focused and comprehensive agenda for addressing corruption has yielded outstanding results in the last five years. Game-changing reforms such as the Insolvency and Bankruptcy Code, lowering of tax rates for small enterprises, ease of doing business, and so on, have created the right environment for industry to flourish.
Now the focus is on notable policies for easing the FDI inflow, improving the intellectual property regime and creation of new investment vehicles. Spectacular achievements such as the Jan Dhan Yojana, distribution of gas cylinders, complete electrification of all villages, construction of 1.5 crore houses and quick progress in roads and highways construction clearly reflect the dedicated commitment of the Government to rapid development and the scale and efficiency of its functioning. Transparency in the rule of law while weeding out corruption has been the main pillar of the Government policy in the last five years.
Even before Mr. Modi’s swearing in, some of the global head winds like crude oil prices have started turning into tail winds. With his global image, Mr. Modi is also expected to turn the US-China trade issues in favour of the Indian economy.
Mr. Sanjay K. Jain, Chairman, CITI, said: “The Indian economy enters a very important phase with the new NDA Government taking charge. The last 5-year period has been one of consolidation, policy disruptions and shaping up of a new India where many structural reforms took place in the economy, particularly in the textile & clothing (T&C) industry.
According to him, the textile industry is in a very optimistic mood and is looking forward for the Golden Era where it will realise its true potential for attaining sustained growth, with considerable employment opportunities, especially for the rural womenfolk and technically qualified skilled manpower.
Mr. Jain concluded saying that CITI would submit its detailed White Paper on the T&C industry to the new Union Textiles Minister, requesting the Government to provide the much-needed relief to enable it to further boost the Government’s ‘Make in India’ campaign. The main objective is to raise the status of the Indian T&C sector to the $350 billion level by 2024-25. This necessitates inclusive growth of the economy, and creation of additional employment opportunities for millions of people at the grassroot level, and in the process to help the skilled labour to reap the extra benefits from the textile industry.