The spate of economic reforms in the recent past have helped to boost sentiment in the country. However, the key to long-term success is execution on the ground. Some of the key steps that the government should look at taking include:
l Execution of large projects: A number of significant projects have been held up, especially infrastructure projects. While the Prime Minister has created an empowered committee headed by him to approve these mega projects, the execution on the ground has to happen quickly as that will have a huge positive filter-down affect. The government should also look at creating capacity for project management and execution to ensure timely completion.
l Reforms like the goods and services tax, which can create one single market across the country, remove distortions and bring efficiency in the economy, should be implemented without further delay. This will give comfort to global investors on continuation of reforms in the country. Investments into e-governance projects have to be increased, along with looking at ways by which cost of doing business is reduced, productivity is increased and efficiency is improved.
l The government should look at ways to improve innovation and entrepreneurship in the country. This will help to convert the youth from job seekers to job creators.
l Increase investment in green growth: Sustainability is to the 21st century what Internet was to the second half of the 20th century. It will provide significant opportunities for innovation, new businesses, job creation, and cost-effective and efficient solutions. The next generation of green innovations should be driven out of developing economies such as India to ensure that these innovations are suited for the needs of a country like ours.
l There has to be an improvement in the overall accountability in government and administrative reforms. More forums for encouraging interactions with citizens, non-governmental organizations and businesses should be created to solve major problems facing communities, especially at the city level. Projects like Bangalore City Connect are doing this already by bringing together various stakeholders for better planning and implementation of urban infrastructure in Bangalore