The 32-point plan is a step in the right direction but the moves on infrastructure and clearances of dues require fine-tuning
The most significant economic policy event in the first 100 days of the current government’s swearing-in was the document released by the finance minister listing 32 growth-boosting measures at a press conference on a Friday evening two weeks ago. Its significance lay in the government taking cognisance of the growth slowdown, and the need for prompt action to combat it. It was a mixed bag of selective countercyclical demand boosts (lifting the government ban on purchase of new vehicles) and long-term structural reform (strengthening the market for corporate bonds). There were a few reversals (decriminalizing defaults in corporate social responsibility), and administrative measures to lessen tax harassment, which recognized the need to improve the mood in corporate India.