Modi 2.0 should do away with socialist policies, and shift focus from increasing tax rates to improving quality of expenditure
The historic mandate for the BJP government provides an opportunity to change the destiny of the nation. The political steps taken in Kashmir indicate a willingness to take courageous decisions which provide equality of opportunity for all.
Today, the world order is changing, with the US singularly focussed on their own economic agenda; The EU struggling with multiple challenges, including Brexit and the changing dynamics within member nations; and China increasingly asserting its economic might in the backdrop of slowing economic growth and changing demographic trends.
With a decisive majority, Modi 2.0 should attempt to debunk socialist policies, and create a focussed, competitive, inclusive and largely free market economy. India’s strengths originate from its domestic consumption and the power of local entrepreneurship. In the Indian context, there is an urgent need to dismantle 60 years of socialism and anti-business bias and function as a true free-market and enterprise-driven economy. The economy cannot be any further driven by government fiat, grossly inefficient public sector enterprises or government-focused job creation and doles.
Source: The Hindu BusinessLine
