Plus, retrospective taxation, scarcity of natural resources, and unfriendly corporate and labor laws add to the worries of business sector.A brave endeavor has been made by the Finance Minister by allowing FDI in more sectors; however just an investment opportunity will not be enough to attract stakeholders. India has been known to investors as a place wherein clearances and approvals demand unjustifiable time and money.
Plus, retrospective taxation, scarcity of natural resources, and unfriendly corporate and labor laws add to the worries of business sector.
A lesson has to be learnt from the locking up of capital during last three years in projects that have delayed owing to lack of support from government departments. Almost INR 20 trillion is yielding nil output due to stuck operations.
Power sector has to be accorded the necessary push sooner than later. The limited supply of coal owing to outdated supply chain demands speedy reforms. Also, the government can think of opening up doors for foreign firms in the coal mining sector knowing the fact that the existing structure is rarely serving any need.
Transportation of coal has remained a concern since long; however none of the governments ever seemed to be working towards bettering the railways for this purpose. Remember, power is the basic necessity for businesses to run their operations, hence any further delay in bringing in modifications will prove severely detrimental.
Next, public health, safety, and education should the prime areas of focus. Public investment in the education and health sector needs to be enhanced with a view to ensuring that the upcoming workforce is capable to match steps with the global standards. The budget has brought in hopes for new IIMs and IITs; however basic education, sanitation, and health facilities demand urgent attention.
Unless the standard of our education system is augmented, none of our universities can produce graduates who can fetch reputable work prospects. Hospitals and schools are to be rendered with competent service delivery mechanism.
The security wing too looks for real developments. Our intelligence system and the gadgets used by these departments need to comply with world's finest technology which becomes easily accessible to extremists. Rejuvenation of our police force and boost in the spirits of our army men can assure upgraded surveillance both at the city-level as well as the border-level.
The cyber security is another area of concern. While we are dreaming of being an IT giant, our cyber security needs to be intact. Government and financial database have to be protected from malicious attacks.
The general public too must realize that the Narendra Modi-led government has inherited a paralysed economy with mounting current account deficit and fiscal deficit, and a trivial GDP of below 5 percent. Savings of the public must flow towards the auspicious corporate sector so as to lift up the enthusiasm of entrepreneurs.
Unwanted criticism of every other decision of the government will serve no purpose. Rather, the opponents, along with all other citizens of India who have voted for positivity and prosperity, shall become an active participant in the development of the country. Together, let us build an investor-friendly, mass-friendly, and peace-friendly India.