 "An agenda for economic revival: Kiran Mazumdar-Shaw")
The decisive mandate handed to the Narendra Modi-led Bharatiya Janata Party reflects India's overwhelming desire for a strong leadership. Expectations are high from the new government, which will have to deliver on its promise of a better life for every Indian. The only way it can do so is by reviving the economy and putting India on a path of sustainable and equitable growth.
The economy has stalled because of a sharp decline in investments. Policy uncertainty and pending regulatory clearances have put $100 billion worth of projects in jeopardy. Swift action is needed from the new government.
To begin with, the government will have to focus on regulatory reforms that will improve the ease of doing business, reduce transaction costs and expedite approval timelines. There is an urgent need for a system of "deemed approvals" and "automatic approvals". To attract foreign direct investment, the government will have to ensure fast-track project clearance and articulate unambiguous tax and compliance regulations.
The new government needs to exhibit strong political will to implement bold economic reforms, create world-class infrastructure, usher in overdue tax, labour, land and regulatory reforms, address the power deficit and roll back unfriendly business regulations.
The new government has been provided a historic opportunity; it cannot afford to belie the hopes of a billion Indians.
Kiran Mazumdar-Shaw
CMD, Biocon
The economy has stalled because of a sharp decline in investments. Policy uncertainty and pending regulatory clearances have put $100 billion worth of projects in jeopardy. Swift action is needed from the new government.
To begin with, the government will have to focus on regulatory reforms that will improve the ease of doing business, reduce transaction costs and expedite approval timelines. There is an urgent need for a system of "deemed approvals" and "automatic approvals". To attract foreign direct investment, the government will have to ensure fast-track project clearance and articulate unambiguous tax and compliance regulations.
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The new government needs to exhibit strong political will to implement bold economic reforms, create world-class infrastructure, usher in overdue tax, labour, land and regulatory reforms, address the power deficit and roll back unfriendly business regulations.
The new government has been provided a historic opportunity; it cannot afford to belie the hopes of a billion Indians.
Kiran Mazumdar-Shaw
CMD, Biocon