Economic reforms are on course but there is still a long way to go, Prime Minister Modi told the Wall Street Journal, on the eve of the NDA government’s second anniversary. The PM’s comments come in the context of claims made in some quarters that the government blew an opportunity in pushing the so-called big bang reforms in its honeymoon period after winning a landslide mandate.
Referring to the relaxation in FDI norms, the Make in India drive and the crackdown on black money, Modi said his government “opened up more of the economy to foreign investment and made changes to curb corruption, fill gaps in rural infrastructure and make it easier to do business”.
Looking at the three years ahead, Modi spoke with cautious optimism.
I have actually undertaken the maximum reforms...I have an enormous task ahead for myself.
The Future of Economic Reforms
He asserted that the Goods and Services Tax Bill, aimed at replacing varying state taxes with a more business-friendly national levy, will be passed this year. The Bill has been stuck in the Rajya Sabha in Parliament, where the government is in a minority.
The PM indicated that the next round of economic reforms, particularly relating to land and labour, are presaged on the states doing their bit too.
‘India Not Standing in a Corner’
Underscoring India’s emergence as a prominent voice in global affairs, Modi said, “Today, unlike before, India is not standing in a corner.” He downplayed any friction with China, citing increase diplomatic and trade relations with the nation.
Modi also spoke of his intention of strengthening ties with India’s neighbours, noting that he had initiated the process even before he became the prime minister of India, by inviting the heads of all SAARC countries for his swearing-in ceremony.
Read the full story on The Wall Street Journal.
Also Read: Modi@2: No Sign of Promised Big Bang Reforms
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