PM Narendra Modi proclaimed that to restore the degenerating Indian Economy admonish hard measures. In an statement he said that we cannot deny some unpopular decisions to restore the deteriorating economy where the tough speak may be fine tune to move to down expectations..
As per the sources of PMO Narendra Modi would like to implement the following 15 tough steps as illustrated below:-
It had been reported during the UPA reign that there was corruption practices were going on in NREGA. Modi want to implement a radical revamp to make it as best scheme ever. It is evident that it has many adverse effects and demands it to be repaired.
REARRANGE TAX SLABS TO HAVE HIGHER EXEMPTION RATE
It leads to minimal relief although financial integration does not give much space or probability for personal income-tax relief.
RECAILM FUEL SUBSIDY
Good opportunity to the Modi Government regarding the fuel reforms. As we have daily regular price revision mechanism for petrol the same mechanism is going to be implemented for Kerosene and LPG where the prices are going to regulated on monthly basis.
RECAST OF FOOD BILL
As per the sources of PMO this scheme is likely going to be rescheduled next year where the scheme would be aimed at poor only.
RATIONALISATION OF FERTILISER SUBSIDY
Price reforms are scheduled to revised, as food security needs require higher use of fertilisers like rationalisation of urea prices likely.
Will be continued by Modi Government. The credibility of the new Modi Government would enhance with staying on with financial consolidation.
REFORMED TAX RATES
This measure may not to appreciated by the new Modi Government as it will tone down corporate and consumer sentiment which is on a high.
This scheme involves the stress on revenue shortfall since Gujarat govt under Modi gave special emphasis on maintaining surplus revenue.
BANK MERGING OF PSU
This project would be implemented around next financial year as it focuses on merging of small banks into large bank.
LAND BILL AMENDMENT
It is going to be rescheduled and reframed as Infrastructure development and industrialisation will suffer if it is not reworked.
INCREASE OF RAILWAY FARE
Modi Government is in the view of generating revenue and to reform steady rise in fares this scheme is on high agenda of Modi.
SLOWER MSP INCREASES
Maximum chance of implementation as food subsidy bill and inflation management require minimal increase in support prices for food crops in India.
PUBLIC SECTOR UNITS REFORMS
Most of the PSU are going to be allotted greater powers to generate progress in their respective sectors and very few PSU may be shut down which are in loss or brink level.
CAOL INDIA LIMITED AND FOOD CORPORATION OF INDIA REFORM
Maximum possibility of implementation as Coal India Limited has failed to keep pace with demand, and FCI’s inefficiencies add to the food subsidy would be reformed.