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Summary of Survey
Following is summary I have tried to put together from the survey, I had forwarded yesterday. Please see if we can use any point and solution in the Manifesto.
1. Step up foreign investment
Solution: Bold policy initiatives, procedural simplifications inforeign direct investment (FDI)
2. Restore confidence in the capital market
Solution: Measures to bring back small investors to the capital market by raising the transparency and accountability of listed companies as well as that of capital market intermediaries
Maintain a market-responsive exchange rate determined by fundamental demand and supply factors
Remove numerous controls and impediments to the setting up and functioning of the derivative markets
Constraints on hedging of exposure on international markets must be phased out
Modern, well-regulated, forward and future markets are essential for efficient management of risk
3. Reduce fiscal deficit
4. Invest in infrastructure
Solution: Steps to develop the domestic debt market should be designed to facilitate the flow of contractual savings for infrastructure financing.
Eastern Uttar Pradesh, Bihar and Orissa could be target areas where higher investments in rural infrastructure by way of improved water conservation and delivery systems, fertilizer use and credit availability should receive special focus.
Relieve infrastructure bottlenecks must encompass both creation of additional capacity in various sectors as well as initiatives to induce much higher capacity utilization.
Encourage both private and public provision of infrastructure services in a competitive environment and with an appropriate and transparent regulatory framework, this broad approach calls for an acceleration of sector-specific reforms to tackle existing lacunae in the design and implementation of policies.
Low capacity utilization and high transmission and distribution losses, unrealistic tariff policies and non-commercial approaches of state electricity boards constrain both the levels of generation and distribution from the existing power network as well as the flow of fresh investment into this sector.
Lower and finally remove subsidies in railways and postal services.
Remove outdated organizational modes and low productivity of labor and equipment from all of India's ports. Invest in new roads and the quality of maintenance of existing networks.
5. Do away with the 'inspector raj'
6. Reduce controls in industry, agriculture, trade, infrastructure, finance and social services
Solutions: Steps to boost export growth, revive the primary capital market, encourage higher private and public investment, relieve infrastructure bottlenecks and boost demand for core industrial sectors, and fiscal and monetary policies aimed at moderating real rates of interest and ensuring adequate availability of productive capital to industry
Reform of inappropriate policies, unproductive government programs and inefficient public organizations
7. The eradication of poverty and unemployment must be the abiding goal of development policies and programs
Solution: Public programs for social services, rural development and employment generation to provide an effective safety net for all those millions at the margin of the growth process.
8. An improvement in the performance of non-traded infrastructure (energy, transport and communications) and restoring the export growth to reasonable levels.
9. Tax reforms at the state level
Solutions: Measures need to be taken to induce banks to step up delivery of non-food credit to medium and small industrial units
The banking system to be reformed to bring interest rates down to competitive pressures, greater efficiency and lower implicit taxation of the banking sector
Access of companies to debt markets also needs to be improved by deepening and widening these markets
Modernize and improve the regulatory and payments system to get them on par with developed countries
Solution: The constitutional provision of making primary education free and compulsory up to the fifth standard should be implemented as soon as feasible. The provision of free education for girls must include in the constitution.
12. Health, Water supply, Sanitation, Housing
Solution: Government must clearly play a leading role in ensuring universal provision of basic minimum services. Policies should be designed to encourage private provision of such services.
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