September 3, 2020

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So, how is Modi dispensation different? That was because the business environment was stultifying due to a plethora of approvals/clearances, multiplicity of authorities [many a times, with overlapping jurisdictions] for granting clearances, a large number of compliance requirements [not to mention an intrusive inspection raj] and virtual absence of an exit route for companies in trouble. The states can directly interface with foreign investors for collaboration agreements. The inference is flawed. This is where Modis vision backed up by concrete initiatives has made a real difference. growth [manufacturing in particular], inflation, fiscal deficit, current account deficit [CAD], foreign exchange reserves and infrastructure etc showing dismal trend. Thus, for power sector, it has launched UDAY [Ujwal Discom Assurance Yojna] to restore the financial health of state electricity boards [SEBs] which at present is the single most crucial bottleneck in the way of putting it on a high growth trajectory. Modi government has taken up improving ease of doing business in a mission mode. Modi government has restructured and revamped them to ensure effective enforcement and prevent leakages. The number of government employees under UPA I fell 2.7% and under UPA II rose 3.4%. In contrast, Modi has a well crafted strategy that seeks to first revamp and restructure the concerned PSUs before undertaking divestment. Thus, it has drastically reduced the number of required approvals, promoted the concept of single-window clearance, ensured coordination between various authorities [including those at the state level] for faster clearances, reducing and standardizing compliance requirements, adoption of self-certification route and literally doing away with inspector raj. In 2014, NDA inherited a downward trending GDP growth rate of 6.9%. All corruption cases were of monumental scale running to lakhs of crores. In this regard, unlike the previous dispensation, when the command and controls were all with Union government and states played subordinate role, under Modi, the latter have been catapulted to the centre-stage even as former merely acts as a facilitator. Revamping social welfare schemes: A major chunk of Union governments expenditure is on such schemes and programs to alleviate poverty, provide employment and basic facilities such as health, education, food etc. On the other hand, Modi has not only undertaken massive investment in infrastructure [railways, highways, road, power etc] but also, relaxed policies to attract foreign direct investment [FDI]. Some major areas where Team Modi has made a huge difference are discussed below. The resounding success of DBT [direct benefit transfer] of LPG subsidy even securing the distinction of making a place in the Guinness Book of World Records bears ample testimony to this. A further sale of 10% during current year will yield another over Rs 20,000 crores. Some time back, Arun Shourie a senior minister in the then NDA [National Democratic Alliance] government under Vajpayee [1998-2004] and erstwhile member of BJP observed that the economic policies being followed by Modi government are just a continuation of UPA [United Progressive Alliance] plus the cow [a euphemistic reference to sacred animal worshiped by majority According to Elara Capital, the UPA rule suffered from policy paralysis while growth under NDA was adversely affected by demonetisation and GST. Similarly UPA I inherited an upward trending industrial growth rate of 5.4%,compared to 2014, where NDA inherited a It is also working on a Bankruptcy Code to enable faster exit. Under UPA, hardly any scheme was free from defective implementation and large-scale leakages. BJP do not have any corruption cases. NITI Aayog [new incarnation of Planning Commission] is now a platform where the chief ministers [CMs] share their ideas and formulate policies. In the first six years of UPA, the employment in the Micro, Small and Medium Enterprises increased by 64 million or 226% compared to only 5 million or 23% in the NDA period. It has done so by boosting revenue based on acceleration in growth and rationalizing expenditure by cutting on wastage. In steel, another crucial sector under stress due to global recession and dumping of products in Indian market especially from China, the government is putting in concerted efforts including hiking import duties to extricate domestic industry out of the morass. Even while making lofty pronouncements about subsidy reduction, it never walked the talk. Modis USP lies in streamlining procedures and removing bureaucratic hurdles to give a big push to investment. NDA government has targeted a loan of Rs 10 lakh crore to farmers this year, while farm loan of 7.11 lakh crore was distributed in UPA regime. Coal India Limited [CIL] provides a shining example; a substantial improvement in its fundamentals [courtesy, governments initiatives in this regard] helped in garnering Rs 22,000 crores from 10% stake sale in January, 2015. UPA dispensation II [2009-2014] had pushed the country towards economic paralysis with all key indicators i.e. In highways and roads, which was completely paralysed at the time NDA took charge, the government has implemented a major restructuring program leading its revival from the front [by undertaking massive investment on its own] and relaxed rules to enable participation of private sector by making PPP [public private partnership] model more investor friendly. In this backdrop and since, Modi is also following the same policies, they aver that outcomes under the present regime will be no different. In the short term, the cash economy and unorganised sectors were the hardest hit. Modis critics are merely looking at the broad direction of policies viz., economic liberalization, encouraging foreign direct investment [FDI], ease of doing business, labour reforms, disinvestment of public sector undertakings [PSUs], rationalizing subsidies and fiscal consolidation etc.

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