REFORMS IN INDIA
NITI Aayog calls for policy and legal reforms to regulate use of facial recognition technology (FRT) in India
In a report, prepared by the Vidhi Centre for Legal Policy on behalf of the Aayog, it had proposed imposing liability and the extent of liability arising from any harms or damages caused by the use of facial recognition technology (FRT) system. Besides, the Aayog has suggested a need for an ethical committee to address issues pertaining to transparency, accountability, and biases emanating from the use of such systems in India.
Fiscal discipline key to India's growth prospects: Sanjay Nayar
So, we will have to also think about how we channel the energies towards more advanced and more modern techniques and technology, because that is what we need right now.
Reforms in armed forces should be continuous to maintain supremacy during wars: President Murmu
President Droupadi Murmu highlighted the government's efforts to boost domestic defence production. She claimed that nearly 70 per cent of defence procurement was sourced from Indian manufacturers in the last year, and reforms resulting in India manufacturing over Rs one lakh crore of defence equipment. She emphasised upon modernisation of the armed forces, the importance of continuous reforms for military supremacy, and India's increasing defence exports, including the BrahMos missile deal with the Philippines.
Only comprehensive reform can enable UNSC to effectively manage global conflicts: India
India has urged for urgent reforms to the UN Security Council as the United Nations approaches its 80th anniversary next year, emphasizing the need to expand both its permanent and non-permanent categories to manage current global conflicts more effectively. This call was made by Pratik Mathur, Minister in India's Permanent Mission to the UN, during a UN General Assembly debate on the Annual Report of the UN Security Council.
Expectation is that reforms will continue, but it may not be as simple as that: Ketan Dalal
"Let’s take a look at some key areas where reforms are needed, but could be impacted; a crucial area of reforms is that of land reforms, given the need to promote India as a manufacturing hub and to leverage the China + 1 opportunity."
Budget 2024: What is Dividend Distribution Tax? Know How it will abolition impact the Indian economy?
In 2020-21, India's government abolished the Dividend Distribution Tax (DDT), shifting the tax burden on dividends from companies to shareholders directly. The move aimed to simplify taxation, enhance market appeal for Indian equities, stimulate domestic investment, and potentially attract more Foreign Direct Investment (FDI) into the country's economy.
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Arunachal CM Pema Khandu to launch new industrial policy and reforms to boost investment and development
Arunachal Pradesh Chief Minister Pema Khandu announced the introduction of a new Arunachal Industrial Policy, aligned with the UNNATI Scheme, to attract investments. After being sworn in, Khandu convened a Cabinet meeting to launch Reforms 3.0, focusing on 24 citizen-centric initiatives. Priorities include 100% digitalization of Finance and Planning Departments, strengthening local administration, and forming the Institute for Transforming Arunachal. Plans also include a new educational policy, revamped Dulari Kanya Scheme, enhanced agricultural policies, and the development of Itanagar-Naharlagun. Additionally, new handloom, handicrafts, and tourism policies will be introduced to boost the economy.
Strategic reforms in customs duties, GST, commerce to push India's inclusive growth, says GTRI
The think tank suggested increasing the GST exemption limit for a firm's annual turnover from 40 lakh to 1.5 crore as this will be transformative for India's MSME sector, promoting job creation and growth. Firms with less than Rs 1.5 crore turnover make up over 80 per cent of registrations but contribute less than 7 per cent of the tax collected, it said adding a yearly turnover of 1.5 crore equals 12-13 lakh monthly turnover, translating to just Rs 1.2 lakh at a 10 per cent profit margin.
CII: Continuity in reforms will make India developed Nation
The Confederation of Indian Industry (CII) believes that continuity in policy reforms under Prime Minister Narendra Modi's leadership will drive India towards becoming a developed nation. The CII president, Sanjiv Puri, stated that with a strong growth rate of 8.2% for 2023-24, the new government can implement further reforms to capitalize on global opportunities and strengthen the Indian economy's fundamentals. The CII is eager to collaborate with the new government to accelerate the nation's development journey.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
Modi 3.0: How different will be the third Modi government
Narendra Modi is scheduled to take take oath for the third term as India's Prime Minister in a changed political landscape. Allies demand concessions, potentially affecting economic agenda. Expectations for populist budget with focus on welfare and rural areas, though concerns raised over economic impact. Reform agenda may face challenges due to weakened mandate, but continuity likely in infrastructure investment and business environment improvements.
What happens to India's startups with a coalition government at the Centre? Here is what they want
As a new coalition government gears up, startups call for clearer regulations, simpler relocation processes to India, and a more straightforward legal framework. Tax department's approach, including issues like angel tax and GST notices, concerns the industry. Simplified registration, advocated by Perfios CEO, could boost startups. Fintech sector seeks tiered MDR for UPI.
Lok Sabha results won't force India's budget to make significant policy shifts: Fitch
Fitch Ratings anticipates minimal policy shifts in India post-election losses. The upcoming July budget will detail economic reform plans and fiscal goals for the next five years, crucial for addressing fiscal metrics, reducing debt, potential deviations from capital expenditure commitments, the risk of heightened social spending, progress in judicial reforms at the state level, and reforms in the manufacturing sector.
Modi 3.0 has heavy lifting to do on tax reforms to managing stock risks
Economists outline key priorities for India's incoming government, emphasizing the need for growth, job creation, and macro stability. Pronab Sen highlights the importance of sustainable livelihoods, while Pranjul Bhandari suggests that 'easy' reforms could maintain 6.5% growth. However, achieving 70 million jobs requires politically sensitive reforms in agriculture, labor, and land. Additional recommendations include infrastructure investment, judicial reforms, enhancing export competitiveness, and further tax reforms, particularly bringing petroleum and power under GST.
Modi's coalition government will be beneficial for India, says Eurasia Group
Eurasia Group President Ian Bremmer considers India’s new coalition government under Prime Minister Narendra Modi the best outcome for the country. The divided power structure necessitates consensus-building, benefiting Indian democracy. Modi’s need for allies to govern will drive economic reform but may slow contentious agendas like Hindu nationalism.
India Inc cheers continuity at the Centre, but rues fragility
Indian industry leaders express confidence in the economy's resilience despite the NDA-BJP government's unexpected outcome without an absolute majority. They anticipate policy continuity but caution about potential hurdles due to a stronger opposition and diverse political ideologies. The focus may shift to consumption, welfare schemes, and rural sectors. Stability is crucial for reforms, but the BJP's shortfall could complicate passing contentious reforms. However, the economy's growth agenda is expected to continue, with an emphasis on inclusivity and job creation.
Coalitions, building economic agreement
India's economic reforms are not slowed down by re-entering coalition politics. The country has a history of tough decisions and reformist outcomes under coalition rule since the 1990s.
Brute majority or coalition pressure, India's growth to be perpetual theme
India's growth story may thrive under a coalition rule despite no party having an absolute majority. Past data suggests coalition governments have effectively boosted growth but struggled with inflation. Inflation rates varied under different regimes, with Narendra Modi's government seeing 5.4% inflation during its tenures.
Lok Sabha election results: Nomura says India's economic fundamentals remain robust
"Our assessment is that India's economic fundamentals remain robust. Reforms in India have generally survived the test of politics and we expect the government to continue the pace of governance and administrative reforms, leaving states to work around the more intractable reforms around land and labour," Nomura said.
As India steps back into coalition era, uphill road for tough reforms
In the new coalition government era, India's reform agenda may prioritize job creation and factors market reforms. Balancing political sensitivities and reform priorities will be crucial for the government in navigating coalition dynamics and opposition pressures.
Will an empowered Modi bring back a big-bang reform?
If exit polls are accurate and Prime Minister Narendra Modi returns to power with a strong majority, major economic reforms are expected. This might include revisiting land acquisition laws to facilitate industrial growth. Land reforms are crucial for India's manufacturing ambitions. Digitisation of land records could streamline processes and accelerate development projects.
PM Modi: Reflections and new Sankalp from my Sadhana at Kanniyakumari
From Kashmir to Kanniyakumari... this is a common identity that is deeply ingrained in the heart of every citizen of the country. This is the ‘Shakti Peeth’ (seat of Shakti) where Maa Shakti incarnated as Kanya Kumari. At this Southern tip, Maa Shakti performed penance and waited for Bhagwan Shiva, who was residing in the Himalayas at the northernmost parts of Bharat, writes PM Modi on his time meditating at Kanniyakumari's Vivekananda Rock Memorial
'One Nation One Election, UCC, growth of India's global profile': Industrialist Harsh Goenka lists out expectations from Modi 3.0
Expecting Narendra Modi-led NDA to come back to power for a historic third term, Goenka said he expects implementation of One Nation One Election, Uniform Civil Code and further growth of India's global profile. In his post, he also expects agricultural reforms, continued efforts to boost economy through infrastructure and manufacturing, further push digitalisation, expand healthcare and education, job creation a priority, labour reforms, greater investments in energy and climate, and further grow India's global profile.
Stage set for new government to press on next-generation reforms
India will continue to be the world’s fastest-growing economy and the Indian-corporate world has its hopes up as it expects the next government to continue on the reform path and steer the Indian economy towards high growth.
Ten yrs on, S&P outlook for India turns 'positive'
S&P Global Ratings has upgraded India's sovereign outlook to 'positive' after 10 years, citing improved public spending quality and expectations of continuity in reforms and fiscal policies. India's rating remains BBB- but could be upgraded if cautious fiscal and monetary policies reduce government debt and interest burden while boosting economic resilience. Finance Minister Nirmala Sitharaman welcomed the upgrade, attributing it to macroeconomic reforms since 2014. Economic Affairs Secretary Ajay Seth expressed confidence in India's economy, highlighting robust growth and improved credit metrics.
Upgrade of India's rating outlook reflects solid growth, promising outlook: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman praised S&P's upgrade of India's rating outlook to positive, citing solid growth and a promising future. She highlighted India's trajectory towards becoming the third-largest economy and achieving Viksit Bharat by 2047. S&P's first positive outlook for India, while retaining the 'BBB-' investment grade, reflects successful macroeconomic reforms since 2014, substantial capital expenditure, fiscal discipline, and visionary leadership. Sitharaman shared these comments in a post on X, emphasizing the significance of this development for India's economic prospects.
ADB commits USD 2.6 billion in sovereign lending to India
Asian Development Bank (ADB) committed USD 2.6 billion (about Rs 21,500 crore) in sovereign lending to India in 2023 for various projects. The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India's climate resilience, and enhance connectivity.
If Modi wins India's mammoth Lok Sabha elections, his third regime will need tough reforms to lure foreign firms
Lok Sabha Elections: As Modi gears up for a potential third term, global firms highlight challenges facing India's economy: policy inconsistencies, bureaucratic delays, and scarcity of land. Despite improved business sentiment, actual investment remains stagnant, with foreign direct investment dropping. Key priorities for the new government include policy coordination among states, labor law implementation, skills development, land reform, trade measures, and fulfilling BJP's promises for economic growth and global manufacturing hub status.
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