Indian government officials are considering proposals to subsidize interest on home loans, build new urban centers and reduce bankruptcy delays as part of Prime Minister Narendra Modi’s 100-day agenda when he returns to office, people familiar with the matter said. Are discussing.
Plans include establishing about 10 new cities to expand manufacturing and service sectors, as well as reduce population congestion, officials said, as the talks are private. The project would require initial funding of about 100 billion rupees ($1.2 billion), the people said.
The proposals expand on goals outlined in the ruling party’s election manifesto released this week, which promised to boost manufacturing and improve living conditions in India’s cities. Modi said at the manifesto launch that he has directed officials to start work on programs to be implemented in his first 100 days in office, indicating his confidence in returning to office for a third consecutive term in the elections on Friday .
Officials are also discussing plans for a new interest subsidy scheme on loans for affordable homes, which was first announced by Modi last year, the people said. The purpose of the subsidy is to promote growth in the real estate sector.
Officials said some of the proposals are likely to be part of the budget to be released after the new government takes charge.
To amend insolvency and bankruptcy laws to reduce delays and maximize returns from liquidated assets. To enhance the powers of Bankruptcy Tribunal for faster disposal of cases.
To introduce rules to facilitate Indian companies in the financial hub of Gujarat to list shares directly on international exchanges. While the rules were notified earlier this year, the listing process is still awaited
Conclusion of free trade agreement with UK and Oman
To develop an industry for commercial aircraft manufactured in India by 2035
A blueprint is being prepared to develop India’s own credit rating company.
To put pressure on states for more reforms on vehicle pollution and to make municipal corporations financially self-reliant
Modi’s economic vision is to make India a developed country by 2047, which economists say will be difficult to achieve without a consistently high growth rate of around 8%.
A panel of officials gave a presentation to Modi last month in which they provided forecasts for 2047, the people said. Projections include the size of the economy growing from the current $3.5 trillion to more than $30 trillion and per capita income rising sevenfold to $18,000 a year, one of the people said