Given the fact that this is the first full-fledged Union Budget of the new government, it will be expected to be transformational - politically as well as economically. This seems to be the most opportune moment for the government to lay down a clear roadmap for growth, employment and execution resulting in the creation of new jobs. Some of the key expectations from the Government will be to:
Scale-up progress on the industry and labour reforms announced by the new government till date
This budget is an opportunity for the new government to present the blue print of sustainable growth over the next decade and share plans on how the reform programs such as 'Digital India', 'Smart Cities' and 'Skill India' unveiled in the last 8 months will start showing some tangible outcomes.
The government should also focus on reforming the labour market through simplification of labour laws and introduction of e-governance, facilitating the growth of the organisedlabour force, which will bring back capital into the system.
Boost to the Manufacturing sectors
In line with the Government's 'Make in India' initiative, providing impetus to the manufacturing sector by introducing manufacturing corridors is important. It is imperative that projects of national importance that are already cleared or which can be fast tracked - such as the DMIC (Delhi Mumbai Industrial Corridor) and DFC (Dedicated Freight Corridor) - are monitored effectively for faster implementation. These projects will have a multiplier impact on the economy, while creating millions of direct and indirect jobs across sectors.
Expectantly government's plan of turning India into a skilled economy, catering as the manufacturing hub of the world, will be a reality through practical planning and implementation of the reforms at budget 2015.
To read the full article, please click on the link below: