The Modi List of Planned and Completed Economic Reforms

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The Modi List of Planned and Completed Economic Reforms

13 Dec 2019
The Modi List of Planned and Completed Economic Reforms
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As the Indian economy sputters, PM Modi is on the verge of unleashing large changes (Economic Reforms) in the economy that has the potential of transforming the economy completely. Here is the list

- Disinvestment/ Privatisation of large number of PSU Companies (Air India, BPCL, SCI, CCI, THDC and NEEPCO)

- Industrial relations code bill which will change the nature of Employee and Employer relationship

- Reforming the Civil services when it comes to Appointments and Pomotions

- Bankruptcy Resolution for Financial Services Firms

 

The Government has already completed (Some Economic Reforms) the following the last 5 years

- GST which was introduced in 2017

- IBC Insolvency and Brankruptcy Code

- Real Estate Regulation and Development Act

- Cut Corporate Taxes substantially

- The Government has already merged numerous PSU Banking companies

- Hiring outside the IAS for lateral entry

- Some degree of reforms in the Railways with the launch of Private Trains

- Massive Changes in the Urban and Rural Infrastructure across the country

- Moratorium on Spectrum charges and also nudging them to offer higher prices

- Letting large companies like Jet Airways Fail and Many Owners losing control of their companies

- Improvements in Opening a company

- Dramatic Improvement in Ease of Business Rankings

- Replaced the Planning commission with Niti Aayog giving it a more thinktank feel

- Went aggressively after Business and Political Corruption

You can track all reforms carried out by the Govt on this web-site

Will these reforms be enough? Difficult to tell. One thing is clear, more and more mobile companies are setting up Factories in India. While a lot of it is just assembly, it is matter of time before full manufacture also begins. Exports of Engineering Goods too is doing quite well and with more scale, it is only going to get better. The impact of many of these change and reforms will be best seen when the Global econony takes off a bit. 

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