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Expectations of economic reforms depend on Prime Minister Modi's will

Friday - May 24, 2019 11:23 am , Category : BUSINESS
 Many 'economic challenges' before the Modi Government in the second term!
Many 'economic challenges' before the Modi Government in the second term!

Will PM Modi take tough decisions to keep the pace of economy?

MAY 24 (WTN) – In the world's largest democracy in India, the public has decided to re-elect the NDA Government once again. When the final counting figures is over, once again the NDA Government is going to be formed. But now the NDA Government will have great expectations from the people of the country. The new NDA Government will definitely have to face the challenges. After the formation of the new NDA Government, what challenges will the Prime Minister Narendra Modi face on the economy front? Let's know.

It is being said issues like land reform, labor reform and foreign trade will be in the top priority for the Prime Minister Narendra Modi. The first issue to talk about is the land reform. There is a need for land reform in the country for years. In India someone have more land, whereas some have less to the required. In this situation, the Modi Government should work on the land settlement.

Labor reform is also a big challenge for the new government. The demand of labor organizations and industry is that the interests of the workers along with the interests of the industries both should also be in viewed in the labor reform, as both complement each other. On the other side, making job opportunities available to the youth due to shortage of employment opportunities will be a big task before the Modi Government.

Talk about foreign trade, so the Modi Government needs a lot of attention to export promotion. According to the experts in this area, targeting new markets like Eastern Europe and Central Asia should keep the countries here on target for export. At the same time there is a need to create a better system for grading and certification of export products for the good of Indian products in the world market. There is also a need for the branding for the Indian products in a great way.

The experts believe that the Modi Government should not go back with economic reforms, because if this happens, it will have adverse impact on GDP. It is being said that if the Modi Government takes tough decisions to improve the economy of the country and does not take steps behind, then the current GDP of 7.5 per cent may gain 2.5 per cent growth by 2020-2025. On the other side, if the Modi Government took back the steps back instead of taking tough decisions, the average GDP could be reduced by 2.5 percent.

Experts have advised the Modi Government that keep the pace of the reforms, whereby the India's GDP can reach up to two points at 10 per cent. If you step back from reforms, then GDP can come up to 5 per cent. Clearly, the government should have a sufficient majority to take more stringent decisions for reforms. At the same time, adequate will power is required for the majority as well as reforms. But the manner in which the Modi Government has taken tough decisions in its first term, clearly it is clear that Narendra Modi is not behind in the case of will.