News / Economy

India President's Agenda Stresses Economic Reform

Indian President Pranab Mukherjee (R) arrives with Indian Prime Minster Narendra Modi (L) to address the joint session of Parliament in New Delhi, June 9, 2014.
Indian President Pranab Mukherjee (R) arrives with Indian Prime Minster Narendra Modi (L) to address the joint session of Parliament in New Delhi, June 9, 2014.
Anjana Pasricha
— President Pranab Mukherjee said on Monday that putting the economy back on track is paramount, promising broad economic reforms and more investor-friendly policies in an address to newly elected lawmakers.

He said the country is passing through an “extremely difficult phase” as growth has dipped below 5 percent for two consecutive years and inflation is “unacceptably high.”

“We will work together to usher our economy into a high-growth path, rein in inflation, reignite investment cycles, accelerate job creation and restore the confidence of the domestic as well as international community in our economy,” Mukherjee said.

Mukherjee's address sets the policy agenda of Prime Minister Narendra Modi.

It was made at parliament’s first session since the new Bharatiya Janata Party government took office last month.

The president told lawmakers elected in Modi's landslide victory last month that the government would introduce a general sales tax, encourage foreign investment and speed up approvals for major business projects while tackling bottlenecks that make India's food inflation the highest among major economies, Reuters reported.

The government promised to provide basic amenities such as health care, housing, water and toilets, saying it is turning the focus from poverty alleviation to poverty elimination.

It also set an ambitious agenda to modernize India by building smart cities and world-class industrial zones.

Jobs for youth

The BJP-led government wants to transform India into a globally competitive manufacturing hub in order to create more jobs for millions of young people.

To achieve that, Mukherjee said the government will remove hurdles that have discouraged investors from considering the country, which until three years ago was regarded as one of the world’s rising economic stars.

“My government will create a policy environment which is predictable, transparent and fair. It will embark on rationalization and simplification of the tax regime to make it non adversarial and conducive to investment, enterprise and growth,” Mukherjee said.

Modi’s sweeping victory is attributed to his campaign pledge to lift India out of economic stagnation.
 
Modi's government also promised to ensure that every Indian family has a good home with uninterrupted supplies of power by 2022. It will urgently seek to revamp India's creaking railway system, with a focus on high speed trains, as well as road and airport building, Reuters reported.

You May Like

Lebanese Media Unite to Support Palestinians in Gaza

Joint newscast billed as Arab world’s first unified news bulletin in support of Hamas-controlled Gaza Strip More

Photogallery Australian PM Alleges ‘Coverup’ at MH17 Crash Site

Meanwhile, Russia's ambassador to Malaysia denies plane's black boxes were opened before they were handed over to Malaysian officials More

Despite Advances in AIDS Treatment, Stigma Lingers

Leading immunologist tells VOA that stigma is often what prevents those infected with disease from seeking treatment More

This forum has been closed.
Comment Sorting
Comments
     
by: Kumar from: Iselin, NJ
June 10, 2014 9:32 AM
The best first step is to bring all the money stashed in Switzerland and prosecute all the corrupt elected and high ranking officials who have been a cancer to India's impediment to progress especially the Cong-i general secretaries and ministers. If they are not surrendering it by themselves with in certain # days jail them without bail. Do not spend more money in legal processes. If not now it will never happen and India will be a sleeping Lion forever

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
IAEA: Iran Turns its Enriched Uranium Into Less Harmful Formi
X
July 22, 2014 10:26 AM
Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Chicago’s Argonne Lab Developing Battery of the Future

In 2012, the U.S. Department of Energy’s Office of Science awarded a $120 million grant to a new technology center focused on battery development - headquartered at Argonne National Laboratory in suburban Chicago, Illinois. As VOA’s Kane Farabaugh reports, there scientists are making the next technological breakthroughs in energy storage.
Video

Video In NW Pakistan, Army Offensive Causes Massive Number of Displaced

Pakistan’s army offensive in North Waziristan has resulted in the large-scale displacement of the local population. VOA's Ayaz Gul reports from northwest Pakistan where authorities say around 80 percent of the estimated 1 million internally displaced persons [IDPs] have settled in Bannu district, while much of the remaining 20 percent are scattered in nearby cities.
Video

Video Kurdish Peshmerga Force Secures Kirkuk, Its Oil

The Kurdistan regional government has sent its Peshmerga troops into the adjacent province of Kirkuk to drive out insurgents, and to secure the area's rich oil fields. By doing this, the regional government has added a fourth province to the three it officially controls. The oil also provides revenue that could make an independent Kurdistan economically strong. VOA’s Jeffrey Young went out with the Peshmerga and filed this report.
Video

Video Malaysia Reeling: Second Air Disaster in Four Months

Malaysia is reeling from the second air disaster in four months involving the country’s flag carrier. Flight 340 vanished in March and despite an extensive search, no debris has been found. And on Thursday, Flight 17, likely hit by a surface-to-air missile, came apart over eastern Ukraine. The two incidents together have left more than 500 people dead. VOA Correspondent Steve Herman reports from Kuala Lumpur.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.