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Business Economy

Focus of new regime to revive sagging economy

New Delhi, May 24 (UNI) Notwithstanding the resounding mandate obtained in recent elections, the Modi government will soon have to give up the celebratory mood and pull up its socks to revive the sagging economy.
According to sources, the government will have to start taking steps to boost big scale private investments for ensuring the financial consolidations and push up the new generation reforms – which some way or the other could not be pursued with the bigger it was necessary.
The Prime Minister’s Office – even before the election results have come – has instructed the Finance Ministry and senior officials to prepare a first 100 days agenda aimed at stimulating the economy.
Officials have indicated that India’s economic growth is likely to have slowed to 6.5 per cent in the January-March quarter of fiscal 2018-19. Even the industry sources were apprehensive that there was a slowdown in purchase of consumer goods and automobile due to restrictions in money circulation.
Therefore, the challenge before the new NDA dispensation will bring a turnaround in the economy and this is possible only when Prime Minister Narendra Modi will take some firm decisions to boost reform strategy.
Among the possible steps, new finance minister will have to take shots to pump in capital in sectors like roads, power and ports.
The Modi government, which shied away from unveiling disinvestment strategy for for big PSUs and shut down of loss making units, will now have to take more firm decisions to reverse the slowdown.
According to a senior official, the new regime will focus on unshackling the system as against the last five years when the focus was on cleaning up the system. Moody’s investors service has also spoken on these lines and said, “We expect the broad push towards the fiscal consolidation.”
It also seems that the new government may chalk out strategy for merging more public sector banks to create five big players and infuse them with adequate liquidity.
The new regime has also directed the officials to further simplify the historic goods and services tax (GST), review its rate structure and do away with two higher slabs of 18 per cent and 28 per cent.
In order to boost the economy further, the NDA would try to infuse more liquidity in the non-banking financial sector (NBFCs). For the purpose, the government can plan to buy assets of cash-strapped NBFCs by using government bonds. Later, these bonds can be utilized by other sources to raise capital.
Another historic step of the previous Narendra Modi government was the Insolvency and Bankruptcy Code (IBC). Now the target of this new alliance is to update the RBI’s February 12 circular.
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