IN recent months, the NDA government at the Centre faced the criticism that reforms were not proceeding apace. Prime Minister Narendra Modi has said that there is no one way to economic progress. Unconventional methods may yield results. The work done by the Centre may not have made waves but some progress has been made towards breaking prolonged impasse. Modi mentioned the Rs 45,000 crore potential saving made by replacing existing bulbs by LEDs.
The devolution of power under the federal structure has got a new meaning. New Delhi does not just dole out funds to the states. How they spend their money is to be decided by the states themselves. Besides, people have participated in the country’s growth story. For instance, 4 million people have voluntarily given up their gas subsidy. The savings go to the benefit of people in general.
The tumult in Parliament caused by constant fighting between the treasury and opposition benches has died down and so far the winter session has been smooth going. It is encouraging that India’s growth figures are outstripping those of other countries. The world economy in contrast is slowing down. Narendra Modi emphasized the need for Corporatization. Subsidies have been cut on various items. Taxes have been rationalized. Public spending has been curtailed. Regrettably, the GST bill is still log jammed. While the Centre faces heavy odds, several far reaching initiatives are under way. The Prime Minster is optimistic that the prevailing disillusionment will soon give way to confidence in the economy and generate happiness. He seems to have no doubt that the Indian economy is moving in the right direction