As the Modi Government completes its first year in office, there is no dearth of bouquets and brickbats for the NaMo regime in the media. On analysing the Modi government’s electoral assurances, the actions taken so far and the respective timelines being followed to achieve these, I would say that it is reasonably on track with fulfilling its short-term, medium-term and long-term promises.
Importantly, the continuation of the previous government’s policies like Land Acquisition and Rehabilitation and Resettlement (LARR) Bill, Real Estate (Regulation and Development) Bill will have significant impact on the real estate industry once these are passed by the Parliament. India’s historically opaque real estate sector will move towards more transparency with the introduction and implementation of these key policies.
It is worthwhile to reflect on the grassroots-level transformation we can expect to see when:
Let us take a look at the progress on some of the promises Narendra Modi’s party made in its electoral manifesto. Specifically, we will isolate promises which have direct bearing on enhanced governance and reinforced democratic fundamentals, which are important for India’s development and future-readiness:
Promises On Track
Ø Transparency: Re-auctioning of coal blocks earned the government huge revenues
Ø Efficiency: Real-time effort towards rendering the existing institutional frameworks more efficient; a good example being the change in Food Corporation of India’s food procurement and storage mechanisms.
Ø Productivity And Accountability: Narendra Modi has been directly involved in monitoring and raising the productivity as well as efficiency of his ministry officials. He is clearly bucking a chronic trend of bureaucratic unavailability and aiming to increase public access to government officials
Ø Black Money: The Black Money Bill has given a moratorium period to bring back unaccounted money into the system by paying normal tax. The ongoing dialogue with the Swiss financial authorities to disclose secret accounts of Indians abroad is reaping results
Ø Corruption: Wired (online) transactions are now being encouraged for property transactions. This is a major step forward for curtailing black money in the sector
Ø Investor Confidence: Market confidence has improved with the strengthening of the Indian equity, debt, currency markets and equal tax regime that was promised to both domestic as well as international investment companies
Ø Positioning India: Via a series of international tours, the PM is helping India rid itself of its anti-investor image and is opening up new avenues of foreign business in India, especially under the ‘Make in India’ campaign
Ø Decentralisation And Cooperative Governance
Promises That May See Progress Soon
Promises That Saw Little Or No Progress
In short, the Modi Government has a fairly balanced list of hits and misses so far. The trend does seem to lean more towards action than inaction. It definitely seems that Modi has every intention of living up to the larger part of his electoral promises in the future. I agree with Reserve Bank of India (RBI) Governor Raghuram Rajan when he says that the expectations from the new government when it came to power last year were ‘probably unrealistic’, and that it has in fact taken steps to create an environment for investment and is sensitive to concerns of investors.
Authored by Anuj Puri, Chairman & Country Head at JLL India
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Federal Bank Launches Various COVID-19 Relief Activities
As India stays home to beat COVID-19, Airtel unlocks its entire kids content catalog for its customers
ETIHAD AIRWAYS ANNOUNCES ADDITIONAL SPECIAL PASSENGER FLIGHTS
Flipkart introduces a unique stay-at-home reality show with Varun Dhawan, encouraging Indians to entertain from home
Hack the Crisis – India selects top 10 innovative ideas to beat the spread of COVID 19
2014 The Global Indian New Network (TGINN)