On 28th March 2016, Prime Minister of India Shri Narendra Modi addressed Bloomberg India Economic Forum-2016. He focused to bring changes in tax structure which will turn the favoring Capital Intensive Production. According to PM Modi, Employment Generation is one of my highest priorities.

PM Modi mentioned the contribution of Mr. Michael Bloomberg for Smart Cities Programmer and his ideas for the incisive analysis of our nation’s economy.  He focused to create more employment for the youths in India. For that, policy reforms and the role of administrative sector is quite important for the sustainable development. He announced that under these smart programmes, we will be able to create cities that will be the role models for the urbanization in our nation. According to PM Modi, our country will be able to meet all challenges with the innovative ideas and schemes. The three main regions that we have to consider for the development are: economic growth in our country, policies and elaboration of economic development aspect.

Our nation is a capital scarce labour abundant country. It has been observed that India is one of the best economy brightest spots all around the world. There are certain facts that have explained this statement.

  1. Between 2008 and 2009 the prices of crude oil fell sharply from $147 per barrel to less than $50. According to analysis, this was the steeper fall than between 2014 and 2015. However, in 2009-10, the fiscal deficit, its current account deficit and its inflation rate get decreased. But during the time period of 2015-16, all three have shown significant improvement from the basic value.
  2. During 2014-15, there was not enough rain, but still the rate of crop production remained higher than 2009-10.

According to Shri Narendra Modi, we have to focus on the effective management, rules and regulations and the provision of needs which will markedly provide support for the India’s economic success. According to analysis, we have become successful to achieve fiscal deficit of 3.5% of Gross Domestic product (GDP). This growth has been discovered by many countries all over the world. The credit growth during 2015-16 has increased by 11.5% due to which the overall fund of firms which were upgraded, has been raised by a beneficial rate. It has markedly increased the no. of upgraded firms by 6.8 times as compared to the other firms.

In Foreign Direct Investment (FDI), 316% growth has been observed in Sep. 2015. In the same year, 71% growth in automobile units, and 285% growth in the digital sector like computer hardware and software has been recorded.  The rapid growth of production in various sectors like motor vehicles, furniture and apparels has also increased the economic stream.

Nowadays, we are looking forward to agriculture and plans to raise the income and benefits of farmers by the year 2022. We have been introducing new strategies with good governance, adequate resources and perfect implementation.

For the sustainable development, Prime Minister Shri Narendra Modi mentioned the straight strategies considering all important facts which are as following:

  1. Per Drop More Crop– We should focus on the advanced irrigation methods which may extend the budgets. But the comprehensive approach towards irrigation with the water storage can be beneficial and more affordable for the farmers.
  1. Soil Health Cards: The farmers should check out the quality of seeds, nutritive value of soil, fertilizers etc. Our government will also provide Soil Health Cards to the farmers so that they can determine the type of soil. In this way, we can lower the cost of production and raise the revenue stream.
  1. Adequate Storage Conditions: In order to avoid the risk of spoilage due to humidity or other factors, we are planning to invest for the warehousing infrastructure and cold chain storage.
  1. Food Processing: It is the perfect way of promoting the value addition. For Example: Coca Cola Company has started to add fruit juice to some of its aerated drinks.
  1. Electronic Market Platform: The digitalization will also be introduced for agricultural marketing. Our government has started 585 wholesale markets which will ensure that the highest final price share has been provided to the farmers. Moreover, the FDI has also shared the same objective for domestic products marketing process.
  1. Pradhan Mantri Fasal Bima Yojana: It is a holistic nationwide crop insurance programme in the favor of farmers to control the several risks which are beyond control.
  1. Other In-house Projects: Farms ponds, fisheries, honey bees, poultry can also increase the revenue stream. For that, the farmers should actively participate in these projects. They can also start timber planning and use of solar energy.

With the goal of Reform to Transform, PM Modi has been involving his true efforts to improve the lives of people in our nation. The execution of policies and plans like National Food Security Act, Mahatma Gandhi National Rural Employment Scheme, Employment Guarantee Scheme, Banking Systems, Managerial Improvement, Solar Power Plants, Monetary Policies, Sarva Shiksha Abhiyan, Transparency in the Systems, School Education etc. will bring a great change in our country.

The Plans like Start up India, Make in India, Women Empowerment, Pradhan Mantri Mudra Yojana, Loan Providence for Education, Scholarships, Pension through EPF, Tax benefits like accelerated depreciation, and investment allowance, UDAY Scheme in Power Sectors, Renewable Energy Sources etc. will effectively raise the economic state of our nation.

Contributor: Sunpreet Kaur