“As global geopolitical headwinds pose downside risks to export earnings and inflation-adjusted growth pegged at 5%, the Indian economy has entered a slowdown mode. The gloomy sentiment has been compounded by declining consumer demand and reduced private sector investment. The FM will need to initiate strong structural changes to achieve inclusive economic development and steer the economy on a sustained growth trajectory. Enhancing the competitiveness of India’s manufacturing sector will increase its share in GDP and facilitate India’s integration with global value chains. The US-China trade war is a golden opportunity for India to expand its global trade footprint and facilitate companies from both countries to set up huge production bases in the country which will spur manufacturing sector momentum and invigorate investment climate. The ease of doing business should remain central to optimizing the competencies of Indian companies through the creation of an investor-friendly regulatory environment, single-window clearances for businesses and the removal of tax roadblocks. Not becoming another policy document, the National Infrastructure Pipeline (NIP) mechanism should aid in the speedy execution of mega infra projects and ensure there are no time and cost overruns. There should not be any inordinate delay in long-pending projects like the Dedicated Freight Corridor (DFC). The implementation of the National Logistics Policy will create a single-point digital platform for all supply chain stakeholders and facilitate cooperation rather than unhealthy competition among them. The FM will steadfastly need to pursue the path of economic reforms and ensure that the execution of infrastructure projects is not gridlocked to achieve the vision of becoming a USD 5 trillion economy by 2024.”
