The just-concluded assembly elections and the unparalleled performance of the BJP have been the highlight of the recent times. The magnitude of support shown by voters for the BJP in the states leaves it with a high possibility of being re-elected in the 2019 general elections. It is also sure that party will gain majority at Rajya Sabha till 2019. Political stability and consolidation of power by the BJP raises expectations of continued economic reforms to sustain India’s rapidly growing economy.
With huge majority in both Lok Sabha and Rajya Sabha our popular Prime Minister Narendra Modi will try to boost growth in manufacturing and build infrastructure. But he has to take some strong steps for this purpose. These steps are –
(1)Improving quality of institutions – improve the quality of institutions and infrastructure, and create a favourable climate for fostering technological progress,
(2)Indian Labour reforms: Indian labour laws, have constrained labour-intensive industrialisation and led to the declining fortunes of labour-intensive industries like textile and leather. But as labour becomes more expensive in China, India can reclaim some lost ground,
(3)Administrative Reforms: Administrative Reforms Commission has made some useful recommendations on governance and economy which, limits the powers of the bureaucracy,
(4)Land acquisition: India also has a significant infrastructure deficit. Investment in a multitude of infrastructure projects — equivalent to an estimated 8 per cent of GDP — has stalled for one reason or another. These cobwebs need to be cleared.
If BJP led by Mr. Narendra Modi can do these then India will get a large growth opportunity in natural produce sectors—food, fruits, vegetables, dairy, poultry and fish. Rural and urban economies support each other through natural produce supply chains. India has huge, insufficiently tapped potential for widespread generation of livelihoods is tourism and hospitality. Some other sectors with large potential for more enterprises and sources of livelihoods around the country are healthcare, renewable energy, water and sanitation. To fulfil the human resource, these upcoming industries need more trained people. Private B-Schools can provide that kind of skills to the young college outing students.