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Coming up: a BRICS currency? Why this gross under-performance? The Brit connection continues NIA targets premium income of Rs 12,000 crore Bali in UN nutrition panel Ban gold imports The two levels of reforms Crafting the big Plan Sustainable development need of the hour A big bite Why are we NOT IN THE RACE? Groupon kicks in... Health for all... Focus on increased penetration Dr Stefan Weckbach: FTA will help step up investments, trade... Tasks for the new government Mobility solutions will drive the auto industry Proof of identity to millions… A good idea. It can turn sour if disruption continues to linger on... Meet Prof. Hot Chips Crafting the big Plan Fighting financial frauds Reviving growth... No deficit financing here! Crafting the big Plan Crafting the big Plan Insure your way forward Welcome Walmart Software to assess risk Not many keen to pursue research... Shift industries to the sea! Crafting the big Plan Light at the end of the tunnel A strong diversified base to build
 
Crafting the big Plan
The world’s largest democracy has declared its verdict for a stable government. Hopes within the country have soared high. IE has gathered views from a few experts on their expectations. Excerpts…
Corruption: The government should assure the people that it will make its best efforts to eliminate corruption. They can demonstrate this from the way they draw their first budget and make their policy announcements. They should control the real estate and gems and jewelry sectors, which are notorious for money laundering and corruption.  The IT Act should be simplified. GST should be introduced immediately and states may be left free to adopt or get excluded from the national market.  The selection process of secretaries to government departments should be made transparent to ensure only the best are selected. Responsibility should be fixed for timely deliveries.

FDI: FDI in defence industry should be opened up and 51 per cent control should be given to investors. This will generate huge employment for youth.  FDI should be freely allowed excepting where India’s national security could be endangered. Chinese investments should be immediately allowed in infrastructure, power, engineering goods, FMCG, railways, steel, coal and mines.

Manufacturing: Industries (Development and Regulation) Act should be changed to allow, the setting up of industries without having to take any permission so long as they do not seek any other favour from the government and adhere to all laws governing the industry. Labour law should be reformed so that employment increases and removes constraints on the employer. Lesson can be taken from the Netherlands.

Judiciary: The number of judges in the Supreme Court and High Courts should be increased to reduce pending cases so that pendency is restricted to just two years. The Code of Criminal Procedure and the Civil Procedure Code should be amended to ensure judgments are delivered within a year in criminal cases and two in civil cases. All interlocutory appeals, revisions should be disallowed once a trial has commenced till a decision is given by the trial court. This should particularly be the case in all bankruptcy proceedings and corruption cases.

    Most of these can be done within three months excepting those that require acts of parliament. This will send a signal that the government means business.

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