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The new government rode to power with nearly unprecedented public support with huge expectations. People had been simply convinced that Narendra Modi did have concrete plans in his mind to kick start Indian economy for rapid growth. Naturally, all eyes were set on the first budget presented on 10-7-2014.
Unfortunately, it proved to be anti-climax. It did not contain any major policy decisions. There was certainly no game changer. It was an ordinary budget exercise that the previous government had been going through for a full decade. True, it is only the beginning and future can still be bright, but the point is that the new government does not appear to have assumed office with some homework about Indian economy. It does not seem to have any ideas on what to do to make it as prosperous as any other average economy of the world.
The author proposes through this work, major policies that the new government could have considered through this budget, and led Indian economy to a robust start for a sure success.
Author is a Chartered Accountant with 32 yrs experience incl. half as entrepreneur. Aggrieved with India’s status as a bottom performer, he has analyzed most issues concerning legal, economic and administrative environments in India preventing it from reaching its potentials. India ranks close to bottom in almost any international surveys when it is one of the handfuls in space launch or super computer technology, resplendent with vast natural resources and a huge domestic market blessed with young population. English speaking population and deep routed legal and corporate systems should have been a bane of envy for most of the emerging economies and yet, we are a laughing stock of the work, devoid of any true friend, not even in our close neighbours.
Unwillingness to solve Kashmir problem has brought terrorism through our front door. People are content to accept any problem and adjust with it, incl terrorism. Govt is no longer custodian of public interest. Corruption rankings sound unrealistic when conducting exams for admission to medical colleges is also soaked in mutli-crore corruption scandal questioning credibility of the most noble profession, doctors! Basics are neglected but $40 billion are spent in subsidies! Common Wealth Games cost more in Delhi than in London. Corruption and insatiable thirst for revenue has made government behave like a foreign occupier. Vested interests are in firm control. Courts take decades to decide cases and there is no finality, each case goes to appeal. Public prosecutor is caught taking bribe from rape-accused. Business is treated as a necessary evil. Things are in dire shape indeed.
Author analyzes most of these issues and makes concrete recommendations for Administrative, Legal and Economic reforms, and goes on to suggest his model New Economic Policy as well. A truly thought provoking work!!!