Two
years of the NDA government have instituted significant reforms
including the passing of the GST bill in India but "cultural
issues and saffronisation" have resulted in a slow incremental
change instead of big bang reforms, according to a top American
think-tank. Noting that India has managed to combat inflation, the
Hudson Institute said the country has the potential to hit
double-digit growth rates if it focuses on modernising
infrastructure, improving basic amenities and reducing red-tapism. In
its recent report 'Modi Two years On', the think-tank has analysed
two years of the government led by Prime Minister Narendra Modi and
said it has instituted significant reforms, with the most significant
of them being passing of the Goods and Services Tax (GST) bill. It
said the bill, passed by the Rajya Sabha last month, will over time
create a much needed pan-Indian market. "India's economy can
grow at double-digit rates if it can repair and rebuild its British
era rail, road and air transport and port infrastructure, improve
accessibility to basic amenities like electricity and water and
untangle the Gordian knot of its complicated bureaucratic rules and
regulations," it said yesterday. The report, however, added that
two years of the NDA government has not yet fulfilled the expectation
of moving expeditiously to create a new India. "India needs to
become an open, non-paternalistic society focused primarily on
economic issues but over the last two years, cultural issues and
saffronisation have resulted in slow incremental change instead of
big bang reforms," it said. "India is currently the world's
fastest growing economy and is expected to continue to grow at least
at seven per cent per year for the next few years," said Dr
Aparna Pande, Director of Hudson Institute's India initiative. "India
has managed to combat inflation and the fall in global oil prices has
reduced its subsidy burden on account of petroleum products,"
she said. It has become easier to start a business in India under the
NDA government though access to credit has become tougher and paying
taxes has become less easy, the report said. The one area where the
Indian government has not resembled its predecessors is the "passion"
with which Modi has taken to foreign policy, the report said. He has
visited 42 countries on six continents, including four trips to the
US. He has travelled to countries where his predecessors have not
travelled to in decades, including countries in the Middle East,
Central Asia and Africa, it said. The objective of these visits has
been to boost economic relationships by seeking foreign investment or
access to energy sources and markets for Indian products and to
improve security relationships, the report added.
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