Ad Here  
Groupon kicks in... Coming up: a BRICS currency? Health for all... Mobility solutions will drive the auto industry A good idea. It can turn sour if disruption continues to linger on... Software to assess risk The two levels of reforms A big bite Why are we NOT IN THE RACE? Insure your way forward NIA targets premium income of Rs 12,000 crore The Brit connection continues Reviving growth... Crafting the big Plan A strong diversified base to build Ban gold imports Sustainable development need of the hour Fighting financial frauds Why this gross under-performance? Not many keen to pursue research... No deficit financing here! Crafting the big Plan Dr Stefan Weckbach: FTA will help step up investments, trade... Shift industries to the sea! Focus on increased penetration Tasks for the new government Light at the end of the tunnel Crafting the big Plan Welcome Walmart Crafting the big Plan Meet Prof. Hot Chips Proof of identity to millions… Crafting the big Plan Bali in UN nutrition panel
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.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236