The NDA government led by Prime Minister Narendra Modi on Monday officially unveiled its ambitious roadmap to revive the struggling economy, which was presented by President Pranab Mukherjee in his address to the joint sitting of both Houses of Parliament. The speech outlined the priorities of the new government, which included extensive use of technology, policy predictability, measures to curb the menace of communal violence, reining in corruption and inflation and encouraging investment, both domestic and foreign.
On business front, the president, while underscoring the government’s commitment for liberalized Foreign Direct Investment (FDI), which would help in the creation of job and asset generation, added that the government would introduce long-pending Goods and Services Tax that will help in creating a conducive environment for investment.
He also asserted that government’s top priority to combat food inflation would end the rural-urban divide and also reverse the trend of hopelessness among farmers that leads to suicides. Further, making note of possible irregular monsoons due to ELNino that might have an impact on food inflation this year, Mukherjee assured that contingency plans were being prepared to tackle the situation.
On the foreign policy, the President underscored that while the government was committed to work towards building a peaceful, stable and economically inter-linked neighbor-hood, it would not hesitated from raising issues of concern at a bilateral level.
President further highlighted that the government will carry out reforms in defence procurement to increase efficiency and economy and encourage domestic industry, including the private sector, to have a larger share in design and production of defence equipment. While, for healthcare and sanitation the government would formulate a new Health Policy and National Health Assurance Mission, besides promoting yoga in AYUSH and establishment of AIIMS like institutions in all the states, adding IITs and IIMs will also be set up in every state.
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