The cabinet secretary has called a meeting with officials of key economic ministries on Friday to work out the economic agenda for the first 100 days of the new government that will take charge after the general election.
Officials from the ministries of finance, corporate affairs, commerce and industry, and micro, medium and small enterprises, among others, are expected to attend, according to people in the know. Rationalisation of goods and services tax (GST) rate structure, changes to the Insolvency and Bankruptcy Code (IBC) and immediate challenges before the economy could figure in the discussions, they said.
India’s economy is expected to have grown 7.6% in 2023-24, according to the first advance estimates released on February 29. The country faces risks from volatile crude prices, tepid global demand and deteriorating geopolitical situation, said the people. The secretaries of all the ministries and departments concerned are expected to give detailed presentations at the meeting.
“The presentation’s first part will capture the performance of the ministries and the hits and misses in the last five years. The second part will talk about immediate challenges, policy initiatives and action for the first 100 days of the government,” said an official, who did not wish to be identified.
Other key items expected to figure in the deliberations include a roadmap for next-level reforms in direct and indirect taxes. While rationalisation of rates and review of taxation rules regarding online gaming features could top indirect tax reforms, equalisation levy and India’s position regarding global minimum taxation could form part of the measures on the table for direct taxes. Draft Insurance Laws (Amendment) Bill, consideration of some of the recommendations by the company law committee and guidelines for the ₹1 lakh crore innovation fund announced in the interim budget are also expected to feature in the economic agenda.The meeting will also review some of the pending reforms that the government was not able to initiate because of Covid-19 and lingering geopolitical challenges, and some of the flagship schemes that did not fare well in terms of implementation.
Ministries and departments are working on a post-election agenda for the next 100 days as well as a vision document for transforming the country into a Viksit Bharat (developed nation) by 2047, ET had reported on April 2. LS polls will begin April 19 while counting of votes will take place on June 4.
