PM Modi
After the change in GST, now the government has started work on new reforms. Prime Minister Modi also said that the country needs the next generation reforms so that the pace of development can be accelerated. According to an Economic Times report, this time the government is focusing on making the rules of land, labor laws, tax and business easier. Advisors and economists of the government have also said that investment and business in India will increase only when the rules are simple and it will be easy to work.
Change in land and labor law is necessary
The biggest problem is the inflation of the land. The prices of land in the country are so high that it becomes difficult to set up big industries. Therefore, the government plans to build private industrial parks near cities, where cheap land and facilities are available. Also, labor laws will also have to be completely changed. Those who are not working old laws, they will have to remove new rules and make new rules which are beneficial for both the employees and the company. The special thing is that even if an employee’s job is gone, he should get unemployment allowance, so that his security will remain.
Emphasis on making business easier
Business rules in India are complex and expensive. Tax cases also harass people. Many times tax officials reopen the old cases, which makes companies scare and shy away from investing. That is why the government is working on making tax rules easier and clean. Also, it is necessary to reduce the long time taken to implement the contract in the courts. The report of the World Bank states that it takes more than four years to deal with the court case in India, which is not good for business.
Employment will increase in the country
The government believes that if all these reforms are implemented properly, then it will increase employment in the country. Working capacity will increase and people will be able to open new industries. In this way, India will be able to become a strong and developed country by 2047. At present, the government has formed two groups under the leadership of Rajiv Gaba, a member of the NITI Aayog, which will decide the reforms of which work to do first and how to benefit the public.
Rules must be implemented properly
The government has enacted many new labor laws which are better than the old complex rules. But they have not been implemented correctly yet. HSBC economist Pranjul Bhandari says that it is very important to implement the new rules quickly. Only then will the business increase and people will benefit.
The government’s focus is that the atmosphere for business and investment should be better. The rules should be simple, work should be quick and money reached the right place at every level. Due to this, there will be development everywhere in the village and city. If these reforms are implemented correctly, then India’s economy will get new heights.