Modi meets important ministers, economists to discuss 100-day reform agenda

New Delhi: Prime Minister Narendra Modi cried with senior ministers, top bureaucrats and economists on Monday to set up a 100-day road map for ‘next generation reforms’ aimed at maintaining India’s growthomentum and isolate the economy of fresh US rates on exports, three persons not mentioned. The meeting was attended by the Minister of Home Affairs, Amit Shah, Minister of Finance, Nirmala Sitharaman, the Minister of Trade and Industry, Piyush Goyal, the Minister of Railways, Ashwini Vaishnaw, secretaries of key departments and selected economists. “Chairman of a meeting to discuss the roadmap for the next generation reforms. We are committed to quickly reforming reforms in all sectors, which will increase the ease of life, ease of business and wealth,” the prime minister said in a position on social media. Individual ministries were requested to take measures for the 100-day agenda to accelerate the economic growth of India, one of the persons cited above. Another matter that deliberated was the impact of rates imposed by the US on Indian exports, the second person said. The 25% reciprocal rates on the Indian exports imposed by US President Donald Trump came into effect on August 7. This could double to 50% on August 27 after additional rates for the oil trade in New -Delhi with Russia. As such high rates can affect the competitiveness of the Indian exporters in their largest export market, policymakers are eager to increase domestic consumption demand and thus ensure the use of capacity in factories, which will ensure jobs are protected. Modi emphasized the need for faster economic growth in its Independence Day speech on Friday. “We want to grow fast,” Modi said in his speech as he announced that a task force would give recommendations in this regard. The current legislation, practices, procedures, etc., must be in line with the 21st century and the world environment, and should help India to become a developed country by 2047, Modi said in his speech. Building the theme to stimulate the economy through reforms was already underway early in this financial year, as Sitharaman in February offered a reform -oriented budget with major cuts in income tax, charges for inclusive growth, and reforms on the orchard, especially in regulatory framework, tax and the financial sector. Policymakers believe that cutting red tape and making it easier to do business can unleash the entrepreneurial spirit of people, which can help achieve much more than the government and state -owned enterprises can do directly, the people above quoted. While agriculture and services are performing well, the government wants to increase the share in the economy, which can fetch more and better paid jobs for people. The center has also launched several schemes to address the skills gap among the youth affecting their employability. The GDP of India is projected by the Reserve Bank of India (RBI) to grow by 6.5% this financial year. Above normal must be, the income tax relief announced in the budget, and a 100-based reduction in the RBI’s repo rate is also expected to support growth this year. On August 14, Mint reported that the government had asked 37 ministries to submit a detailed report on the most important compliance requirements that create roadblocks for manufacturers, exporters, investors and small businesses and dismiss their ability to smooth their businesses. Subhash Narayan contributed to this story