Laying the foundation
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Prime Minister Narendra Modi’s Make in India initiative is going to get a great deal of exposure over the course of a week-long event in Mumbai that was kicked off on Saturday. By all accounts, it’s off to a good start—the most high-profile push the initiative has had yet. But an economic vision must be underpinned with solid fundamentals.
For that, the administration has plenty on its plate. The goods and services tax has been in limbo; judging by the current political cut-and-thrust, the Modi government has its work cut out for it to push it through in the budget session.
The bad loan problem is impeding credit flow, land acquisition remains a vexed issue, and India’s overall ease of doing business continues to be abysmally poor for a major economy.
It’s good to have, and project, a guiding idea like Make in India. But there are difficult decisions ahead if the idea is to be operationalized.