India's new government has pledged to pursue a broad economic reform
agenda focused on creating jobs through a mixture of public and private
investment. In his address to the Indian parliament on June 9, President
Pranab Mukherjee said tackling food inflation and putting the economy
back on track were the top priorities for the recently elected BJP-led
government.
The president added Prime Minister Narendra Modi's administration would introduce a general sales tax, encourage foreign investment and speed up approvals for major business projects. Asia's third-largest economy has been growing at under five percent for the past two years, while inflation is running close to nine percent.
In a DW interview, Charan Singh, economist and Reserve Bank of India Chair Professor of Economics at the Bangalore-based Indian Institute of Management, says that if properly implemented, the reforms are set to increase economic growth to an annual rate of eight percent or more, potentially lifting millions of people out of poverty.
DW: What are the strong points of Narendra Modi's economic program?
Charan Singh: This is an ideal resolution made by a government which was brought to power with a thumping majority. The recently elected PM - who has been credited with driving Gujarat's economic growth as chief minister - is a man of experience. His no-nonsense attitude to reforms and governance is known to all.
Read more: Modi's reforms 'may lift millions out of poverty' | Asia | DW.DE | 11.06.2014
The president added Prime Minister Narendra Modi's administration would introduce a general sales tax, encourage foreign investment and speed up approvals for major business projects. Asia's third-largest economy has been growing at under five percent for the past two years, while inflation is running close to nine percent.
In a DW interview, Charan Singh, economist and Reserve Bank of India Chair Professor of Economics at the Bangalore-based Indian Institute of Management, says that if properly implemented, the reforms are set to increase economic growth to an annual rate of eight percent or more, potentially lifting millions of people out of poverty.
DW: What are the strong points of Narendra Modi's economic program?
Charan Singh: This is an ideal resolution made by a government which was brought to power with a thumping majority. The recently elected PM - who has been credited with driving Gujarat's economic growth as chief minister - is a man of experience. His no-nonsense attitude to reforms and governance is known to all.
Read more: Modi's reforms 'may lift millions out of poverty' | Asia | DW.DE | 11.06.2014
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