Prime Minister Narendra Modi, who seems confident about his party’s prospects in the upcoming general elections, recently met his Council of Ministers to discuss the agenda of the First 100 along with the roadmap for Developed India or Developed India by 2047.
Although details and plans have not yet been made public, sources indicate that the road map includes a comprehensive blueprint with a clearly expressed national vision, aspirations, goals and action points. Its goals include areas such as economic growth, sustainable development goals, ease of living, ease of doing business, infrastructure and social welfare.
The day-long marathon meeting came ahead of the announcement of the Model Code of Conduct (MCC), marking the beginning of the two-month-long election process in which 978 million voters will cast their votes for 543 Lok Sabha seats in seven phases. , The results of which will be declared on June 4.
Generally, once the MCC is announced, there is a lull in policy making and no major announcements, decisions or expenditure approvals are made for the schemes. The current government is a caretaker, and the role of administrative ministries and officials is to carry forward previously approved actions and wait for the next government to carry forward its plans and agenda.
This time the Prime Minister intends to ensure that the economic momentum does not stop during the two-month period before the next government is formed at the end of May. Traditionally, soon after assuming office, ministers of the new government interact with their officials and prepare the agenda for the first 100 days, keeping in mind their election promises. This means slowness in policy making will continue for the next one month. There are concerns that the government’s capital spending plan may slow down in the next few months.
But the 100-day agenda and five-year plan within the framework of making India a developed nation by 2047 will allow ministers to hit the ground running as soon as they are sworn in, if the current government is victorious again. The Roadmap for Developed India 2047 is the result of more than two years of intensive preparation and extensive deliberations.
The officials have also been asked to ensure that the pace of development of the country continues and the work is not disrupted due to elections. This is significant as the economy is projected to grow by 7.6% in fiscal year 2023-24 after a strong growth of 8.4% in the third quarter of the fiscal year. Analysts have revised their growth estimates for the next financial year.
Moody’s has raised India’s GDP growth forecast to 6.8% in 2024. Bank of Baroda has kept it at 7.8% for FY2025, believing that private consumption will improve with a normal monsoon which could boost rural sentiments and accelerate private sector investment.
Experts believe the gross domestic product (GDP) estimate for FY2024 in the second advance estimate is a pleasant surprise, but a lot of work still needs to be done to ensure that the economy continues to generate employment. Is capable of. And completely stay away from the pandemic crisis from issues like investment. Needs to be dealt with.
The second advance estimate of national income shows a gap between real GDP and real GVA growth (6.5%) in FY 2024, which has raised questions. However, analysts say this reflects a decline in higher net indirect tax and subsidy bills. The slow growth of the agriculture sector and its impact on rural demand remains a matter of concern, although centrally funded.