BIG BANG REFORMS - 100 DAYS CHALLENGE
The vice chairman of NITI Aayog (National Institute for Transforming India) Mr.Rajiv Kumar revealed that India to see” Big Bang Economic Reforms” in the first 100 days of the NDA government in the leadership of PM Narendra Modi along with 57 cabinet ministers. “They [Foreign investors] will have reasons to be happy. You will see a slew of reforms, I can assure you of that. We are going to hit pretty much the ground running,” Kumar told reporters in an interview.
The reforms will include changes in labor laws, industrial development through land banking, and privatization of public sector banks.
The NITI Aayog said that government would most probably introduce a new bill to reform existing labor laws in July during the parliamentary session. The new tab will change 44 existing labor laws and will propose dividing the rules into four necessary codes, i.e., wages, industrial relations, social security and welfare, and occupational security. This will help companies avoid getting into complex disputes with their workers and officials that involve regulations set by authorities at different levels of government.
“The government could also offer land to foreign investors from the land banks it plans to create from and controlled by public sector enterprises. What could be attempted is to build an inventory of government land that can then be offered to foreign investors.” Kumar said.
“The government may Privatise or Shut 46 PSUs(Public Sector Undertakings) in Coming Months,” Says Rajiv Kumar. This will leads to a banking revolution and the development of the banking sector in India.
The NITI Aayog said the government should focus on reforming the state-owned banking sector first, followed by fast pace privatization and increased tax collection, to create funding for the infrastructure development of the country.