The results of the
recent assembly elections are not only evidence of changing politics, but are
also indicative of the change in political economics. There is enough evidence
which rejects the criticism of the critics and points out that many schemes of
this government have started to come true. Here I will name the three-point
agenda of Jan-Dhan Yojana, base and mobile technology, which is called 'Jam' in
Economic Survey. The purpose of the Pradhan Mantri Jan-Dhan Yojana is to
increase the scope of banking and financial services and to ensure access to the
people, especially the villagers.
It has been originally conceived as a plan which can be helpful in financial inclusion. But now this scheme has become the basis of the formal digital economy. Political willpower and administrative efficiency are also giving the scheme fertilization. 28 crore bank accounts have been opened under the Jan-Dhan Yojana, of which 60 percent are open in the villages. Similarly, the basis is also going to be available to all the adult population of the country soon. Recently, World Bank Chief Economist Paul Romor also praised this unique identity system and described it as "the world's best identity plan". They also talked about adopting other countries. However, to ensure the maximum accessibility of people to a strong, reliable and comprehensive digital connectivity, it is still necessary that adequate attention is given to this area through the 'India Net Project'. By incorporating private sector in this scheme, India encourages private operators to upgrade Net by making 'boot' (BOOT) or upgrading 2-G network to 3-G, 4-G can be done. This work is especially important for the rural areas. The market has also warmed up on the government's comprehensive mandate in the upcoming elections. The BSE index jumped nearly 500 points, which was the highest since March 2015. Similarly, NSE Nifty also reached its highest level so far. The rupee also strengthened 78 paise and reached its highest level of nearly one-and-a-half years at 65.82 rupees per dollar. Moody's Investors Service said, "The result of the state elections is a sign of widespread public support for the policies of the Government of India. This correction will be helpful in the implementation of the upcoming schemes. However, the math of the Rajya Sabha is not going to change much next year, but the support of Modi's policies and its psychological impact will certainly be helpful in making better reconciliation in the parliament. Election results will also wield the will of the political communities to fulfill their incomplete agenda. So, if we want to see the growth of the vehicle growing in the same way, then it is necessary to have a broad consensus among the three areas of economic reform. The first of these three reforms is to implement the object and service tax ie the GST with ease. After the agreed agreement between the GST rates and the 'cross-promotional model' in the GST Council, there is now a need to focus on improving the efficiency of tax administration. Only the real benefit of the integrated Indian market will be achieved only when there is sufficient investment in institutional capacity building and cooperation between all the federal units should be renewed. Secondly, improvements in banking and financial sector. The complexities of different areas, global economic reasons and Crooney Capitalism are responsible for the current growth of non-executed assets i.e. NPAs. The biggest contribution of NPAs is to iron and steel sector. This area has been struggling with more commodity and cheap import problem from China. Since many things are connected to it, the impact of the pressure on this area has been on the manufacturing and engineering sectors. The delay in projects and the uncertainty of land acquisition law is also being hurt by the infrastructure sector. Apart from this, our textile industry is also struggling with countries such as Bangladesh and Vietnam, lack of trade agreements and comparative advantages. The story of the energy and telecom sector is also not very different. In all these issues, there is a need for multi-dimensional strategic approach to uproot banking and financial sector. It is also necessary to create a political consensus on a strong institutional framework or mechanism. It may be a welcome move to consider the formation of the Banking and Finance Council, under which new banking arrangements will be made easier to negotiate with political parties and all stakeholders. However, in this we must also consider whether the disturbances were deliberate or they happened naturally. If deliberately done, then accountability should be decided in it, whether it was done by an industrialist, or by the bureaucrat or his responsible bank management. To entice investors, it is necessary for them to do business. Facilities should be given, contracts should be implemented and a skilled mechanism is set up to resolve the disputes. The finance minister, in his budget speech, which has pulled out the improvement in the existing labour law, will also be helpful in simplifying the conditions and generating employment. An ideal law related to improving contract farming and commodity market will make farming more profitable. However, many other steps were mentioned in the budget speech, which can further strengthen our economic strength. The timely listing, arbitration and reconciliation law of public sector companies - Amendments in 1996, departure of the Foreign Investment Promotion Board etc. The Prime Minister has recently said that the government is made up of majority, but with the ongoing consensus. This sentence can be understood by how much he is interested in consensus about economic reforms. This consensus is not just in Parliament, but all the states together. Only then will the road to development be easier in the country.
It has been originally conceived as a plan which can be helpful in financial inclusion. But now this scheme has become the basis of the formal digital economy. Political willpower and administrative efficiency are also giving the scheme fertilization. 28 crore bank accounts have been opened under the Jan-Dhan Yojana, of which 60 percent are open in the villages. Similarly, the basis is also going to be available to all the adult population of the country soon. Recently, World Bank Chief Economist Paul Romor also praised this unique identity system and described it as "the world's best identity plan". They also talked about adopting other countries. However, to ensure the maximum accessibility of people to a strong, reliable and comprehensive digital connectivity, it is still necessary that adequate attention is given to this area through the 'India Net Project'. By incorporating private sector in this scheme, India encourages private operators to upgrade Net by making 'boot' (BOOT) or upgrading 2-G network to 3-G, 4-G can be done. This work is especially important for the rural areas. The market has also warmed up on the government's comprehensive mandate in the upcoming elections. The BSE index jumped nearly 500 points, which was the highest since March 2015. Similarly, NSE Nifty also reached its highest level so far. The rupee also strengthened 78 paise and reached its highest level of nearly one-and-a-half years at 65.82 rupees per dollar. Moody's Investors Service said, "The result of the state elections is a sign of widespread public support for the policies of the Government of India. This correction will be helpful in the implementation of the upcoming schemes. However, the math of the Rajya Sabha is not going to change much next year, but the support of Modi's policies and its psychological impact will certainly be helpful in making better reconciliation in the parliament. Election results will also wield the will of the political communities to fulfill their incomplete agenda. So, if we want to see the growth of the vehicle growing in the same way, then it is necessary to have a broad consensus among the three areas of economic reform. The first of these three reforms is to implement the object and service tax ie the GST with ease. After the agreed agreement between the GST rates and the 'cross-promotional model' in the GST Council, there is now a need to focus on improving the efficiency of tax administration. Only the real benefit of the integrated Indian market will be achieved only when there is sufficient investment in institutional capacity building and cooperation between all the federal units should be renewed. Secondly, improvements in banking and financial sector. The complexities of different areas, global economic reasons and Crooney Capitalism are responsible for the current growth of non-executed assets i.e. NPAs. The biggest contribution of NPAs is to iron and steel sector. This area has been struggling with more commodity and cheap import problem from China. Since many things are connected to it, the impact of the pressure on this area has been on the manufacturing and engineering sectors. The delay in projects and the uncertainty of land acquisition law is also being hurt by the infrastructure sector. Apart from this, our textile industry is also struggling with countries such as Bangladesh and Vietnam, lack of trade agreements and comparative advantages. The story of the energy and telecom sector is also not very different. In all these issues, there is a need for multi-dimensional strategic approach to uproot banking and financial sector. It is also necessary to create a political consensus on a strong institutional framework or mechanism. It may be a welcome move to consider the formation of the Banking and Finance Council, under which new banking arrangements will be made easier to negotiate with political parties and all stakeholders. However, in this we must also consider whether the disturbances were deliberate or they happened naturally. If deliberately done, then accountability should be decided in it, whether it was done by an industrialist, or by the bureaucrat or his responsible bank management. To entice investors, it is necessary for them to do business. Facilities should be given, contracts should be implemented and a skilled mechanism is set up to resolve the disputes. The finance minister, in his budget speech, which has pulled out the improvement in the existing labour law, will also be helpful in simplifying the conditions and generating employment. An ideal law related to improving contract farming and commodity market will make farming more profitable. However, many other steps were mentioned in the budget speech, which can further strengthen our economic strength. The timely listing, arbitration and reconciliation law of public sector companies - Amendments in 1996, departure of the Foreign Investment Promotion Board etc. The Prime Minister has recently said that the government is made up of majority, but with the ongoing consensus. This sentence can be understood by how much he is interested in consensus about economic reforms. This consensus is not just in Parliament, but all the states together. Only then will the road to development be easier in the country.
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