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13 Jun 2024

The Modi 3.0 Blueprint Is Under Close Watch By All

As Prime Minister Narendra Modi embarks on his third term, the Bharatiya Janata Party (BJP) is unveiling an ambitious blueprint to transform India over the next five years. The Modi government’s plans are poised to propel India towards becoming the world’s third-largest economy, with a robust focus on economic development, infrastructure, and job creation.
Economic Growth and Development

Central to the Modi 3.0 agenda is the goal to elevate India’s per capita income from approximately $2,500 to $4,418 in the next six years. The government’s economic strategy emphasizes supply-side policies such as corporate tax cuts, bank recapitalization, resolution of bad loans, and substantial infrastructure investment. This approach aims to revive private capital expenditure and stimulate economic growth.

Rajani Sinha, chief economist at CareEdge Ratings, highlights that while reforms will continue, the new administration will also prioritize job creation and equipping the young population for workforce integration. Ensuring that high-growth benefits reach lower-income groups remains a critical focus.

Infrastructure Revolution

India's infrastructure landscape is set for a comprehensive overhaul. The government plans to achieve unprecedented heights in infrastructure development, including a complete transformation of Indian Railways and widespread adoption of solar power. These initiatives are part of the broader vision to support economic growth and improve the quality of life for millions of Indians.

Kuljit Singh, EY India’s investment banking partner and infrastructure leader, underscores the importance of increasing private investments in key sectors such as railways, airports, and utilities. The first 100 days of the government will involve devising detailed strategies for each infrastructure sub-segment, with ministers playing a pivotal role in agenda setting.

Support for Small Businesses and Banking Sector

The Indian government plans significant initiatives to bolster small businesses and the banking sector. These measures include facilitating startup growth, enhancing power transmission and distribution capacity, and finalizing a comprehensive hydropower policy. Additionally, the government will address digital privacy concerns and execute the Bharatiya Nyaya Sanhita, which replaces the Indian Penal Code.

Focus on Sustainable Development and Technological Advancement

In its pursuit of sustainable development, the Modi government is committed to broadening support for electric mobility and promoting solar power at the grassroots level. The focus on technological advancement and innovation will be crucial in driving India’s development agenda forward, ensuring that the country remains competitive on the global stage.

Public Consultation and Legislative Sanctions

The BJP-led National Democratic Alliance (NDA) government is leveraging the Viksit Bharat 2047 goals and the 100-day plan prepared ahead of the elections to draft an actionable agenda for various ministries and departments. Proposals such as expanding the Ayushman Bharat health programme and incorporating stakeholder views into the Viksit Bharat goals will undergo public consultation to achieve wider consensus.

AAM Janata’s Expectations

As the Modi government’s plan unfolds, the "aam janta" (common people) in India anticipate robust economic growth, job creation, and significant infrastructure development. They look forward to advancements in agriculture, healthcare, education, and sustainable development, along with technological innovation to keep India competitive globally.

PrivateCourt is inspired by the ambition of the Modi government's 3.0 plan for a better Bharat. We are committed to supporting these goals by providing efficient Alternative Dispute Resolution (ADR) and Online Dispute Resolution (ODR) services. Our efforts ensure swift and fair resolution of disputes, contributing to a stable and conducive business environment that aligns with the government's vision for economic growth and development.

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