Modi has little less than two years in office and he can work wonders and go down in history as the greatest PM we ever had.
When I watched on television Modi kissing the steps of Parliament en route to assuming the most powerful office three years ago, tears of happiness rolled down my cheeks. I thought to myself “here is the hardcore patriot who is going to do great things for my country.” But three years down the line, Modi has proved to be a huge disappointment. Every major index of economic growth shows a downside. The banking system is in a glorious mess. The mechanical infusion of capital into PSU banks will only bail-out, for the moment, these grand institutions of corruption and lethargy. Manufacturing sector and exports are bringing no cheer. Unemployment has peaked like never before. The informal sector suffered a Tysonic body blow from demonetisation from which it is still to recover. The ill-conceived and haphazardly implemented GST regime has the entire business community up in arms. The frequent use of enforcement agencies against businessmen has struck terror in their minds. Indeed, Modi is increasingly being perceived as a PM at war with his own people. On the corruption front, there is not even an iota of change from the previous government. The pro-RSS Swadeshi Jagran Manch reflected the popular mood when it commented that the Modi government is nothing more than “UPA III regime.”
This is an extremely damaging statement and that too from an organization which is an important component of the Sangh Parivar.
But is this the end of the road for Modi? My answer to this is a firm ‘No’. He has little less than two years in office. He can work wonders and go down in history as the greatest PM we ever had.
Roll out the red carpet for humungous entrepreneurial prowess of our businessmen and they will help the nation overtake China in no time.
The first thing that needs to be done is go to the root of black money. Black money is created because businessmen rightly see the current level of taxation as an extortionist. If the tax incidence is halved to 15 percent I am sure tax compliance will shoot up and result in an exponential increase in revenue. Trust your people. Unlock the humungous entrepreneurial prowess of our businessmen and see the tiger roar. Roll out the red carpet for them and they will help the nation overtake China in no time.
Scrap participatory notes, the Mauritius route etc and announce a genuine no-questions-asked amnesty scheme for monies stashed abroad and within India. Have a lock-in period for the billions that will be disclosed and utilise the funds for implementing a thousand Bharatmala schemes, upgradation of railways etc which will vagaries the economy like nothing else. Like what Dr Swamy says have a flat 8 percent GST which will be a win-win situation for all.
Modi needs to have the vision of a Lee Kuan and Deng Xiao Ping. After all the nation is more important than the Ambanis and Adanis.
1. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.