Graft at high places history, time for welfare initiatives

Abstract

The Union government has completed one year and has achieved success on numerous fronts. The government led by prime minster Narendra Modi has taken a wide spectrum of significant economic policy initiatives in the very first year. On the monetary policy, the government has signed an agreement with the Reserve Bank of India (RBI) to target inflation. The inflation rate in the country is already very low as compared to the previous decade. Twin deficits—fiscal and current account—are contained and the growth rate of the economy has started to look northwards. A number of measures to ensure social security, mainly contributory, in terms of pension, and life and accident insurance are expected to increase the welfare of common Indian. The government has already announced various schemes to encourage micro, medium and small industries that would not only lead to higher employment but also higher growth. Gold monetisation schemes would provide liquidity to dormant gold held in households and temples and encourage economic activity. Gold bonds and gold coins would help to reduce stress on the current account and the space created therein can be used for importing capital goods which are growth-intensive in nature. The Union budget announcement to set up 100 smart cities, along with six crore houses, would encourage both industry and services. The shift in the vision of the government from the traditional Garibi Hatao to a house for all by 2022 itself signifies movement in the growth-oriented right policy direction. The first year has been momentous but there always is some gestation period before the policy announcements get implemented and start yielding concrete results. Read more at: https://www.newindianexpress.com/opinions/2015/may/27/Graft-at-High-Places-History-Time-for-Welfare-Initiatives-765976.html