INDIA
The government’s focus will be back on economic revival, which may see Montek Singh Ahluwalia being elevated as finance minister.
The Congress-led victory of the United Progressive Alliance has unshackled the Manmohan Singh government, thanks to the drubbing received by the Left parties and the cutting down to size of troublesome allies with narrow agendas. The government’s focus, say analysts, will be back on business and economic revival, which may see Montek Singh Ahluwalia being elevated as finance minister
The stock market fraternity is already preparing for a sharp rise in prices when the market opens on Monday, and analysts are talking of a rise of 10% over the next few days as all the political negatives disappear.
While Singh has already promised a 100-day roadmap to revive the economy, the full budget for 2009-10, to be presented some time in June, will emphasise both a strong commitment to the UPA’s social sector schemes while pushing forward the envelope on reforms.
Reforms in the first Singh administration — including sale of public sector equity, pension reform and allowing higher foreign direct investment in insurance and telecom —were stalled by the Leftist block. “Without the hindrance of the Left, economic policies move very fast,” a top bureaucrat said.
The most keenly watched decision of the government will be the appointment of a finance minister. External affairs minister Pranab Mukherjee, who is currently holding additional charge as finance minister and who presented the interim budget in February, was widely considered a frontrunner for the post when the Congress was not expecting such a thumping victory.
But with 200-plus seats under its belt, there is speculation that Manmohan Singh will get a finance minister of his choice. Speculation centres on the names of Planning Commission deputy chairman Montek Singh Ahluwalia and former Reserve Bank governor C Rangarajan.
Congress president Sonia Gandhi will meet Manmohan Singh on Sunday to discuss the distribution of ministerial portfolios, among other key issues. The Congress Working Committee (CWC) and UPA allies are also scheduled to meet on Sunday.
The new Manmohan cabinet is likely to see significant changes with the defeat of several ministers (Renuka Choudhury, Mani Shankar Aiyer, among them). Dayanidhi Maran of the DMK may also be inducted, sources said. Maran was the communications minister during the first few years of the UPA regime. A Raja replaced him after Maran fell out temporarily with Tamil Nadu chief minister M Karunanidhi.
The 100-day roadmap of the UPA government, which could be ready within a week, will focus on pushing up the growth rate back to 9% after last year’s decline, a government official indicated. It is likely to include targets on productivity, disinvestment, financial sector reforms, national security and diplomatic relations with neighbours.
Infrastructure would be a priority area for the new regime, covering sectors such as power, railways, roads and aviation (including airport development). A higher resource allocation for the UPA’s dream scheme, Bharat Nirman, is also not being ruled out.
The chairman of the PM’s Economic Advisory Council, Suresh Tendulkar, confirmed to DNA that the government would focus on reviving the economy which is likely to slowly start moving upwards in the next six months. He added that a rationalisation in the foreign investment policy is also expected.
Director of the Indian Council for Research on International Economic Relations (Icrier), Rajiv Kumar, said that the government can now push the reforms agenda. One now hopes to see “economic growth with inclusion,” he said.
Reacting to the election results, Assocham president Sajjan Jindal said the growing fiscal deficit would be a cause for anxiety as it has already exceeded an alarming level of over 5%. “Therefore, the top priority of the new government should be to dilute its stake in some public sector units by at least 20% in the first phase.”
Ficci president and JK Paper managing director Harsh Pati Singhania said the election results showed that this was a vote for stability, growth and economic progress. “With this mandate, the government would be able to take quick and decisive actions on economic issues.”
Ficci is preparing a 100-day agenda to be given to the PM. “The overriding theme of the agenda will be to see how to get economic recovery and 9% growth.”
Bharti Enterprises vice-chairman and managing director Rajan Bharti Mittal spoke about reforms that are required in many sectors. “There are still many states where the Agriculture Act needs to be corrected so that we can go and directly buy (the produce) from the farmers,” he said. On the retail sector, Mittal said, “we have been asking for FDI in retail to be opened up.”
The BJP manifesto talked of banning FDI in retail.
Delhi-NCR Air Pollution: Schools likely to stay closed till..., check city-wise update
Maharashtra: 3 killed, 9 hospitalised after gas leak at fertiliser plant in Sangli
THIS farm is selling a cup of coffee for Rs 28000, but there's a twist, it is...
Chhattisgarh: 10 Maoists killed after encounter with security personnel in Sukma
Mukesh Ambani's SUPERHIT plan for Jio users, offers unlimited 5G access for 1 year for just Rs...
IND vs AUS 1st Test: KL Rahul's dismissal sparks DRS controversy in Perth Test
Dense fog, heavy rain predicted in these states till November 25; check here
Oreshnik Hypersonic Missile: Which nations are within its range?
Bihar teacher, principal reach school in drunken state; know what happened next
'I have faced a lot of...': Arjun Kapoor REVEALS his biggest fear amid break up with Malaika Arora
How millions of Indians may get affected due to US indictment of Gautam Adani in bribery case
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says 'missing someone is okay but...'
After Bibles, watches and sneakers, Donald Trump is now selling autographed guitars, price is...
Delhi pollution: Air quality improves to ‘very poor’ category, AQI at...
Vladimir Putin's BIG threat, warns he could strike UK with new ballistic missile if...
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
Somebody misbehaved with Alia Bhatt on Highway sets then Imtiaz Ali had to...
Zomato CEO Deepinder Goyal reveals twist behind Rs 200000 job fee, closes application window
Days after Ratan Tata's demise, Tata Group's Rs 131000 crore company inks pact with ADB for...
WATCH: Woman makes Biryani with Parle-G biscuits, viral video fumes internet
Only train in India in which passengers can travel for FREE; check route, timings and more
'Justice for biryani': Parle-G biryani takes internet by storm, video goes viral
DNA TV Show: Why Gautam Adani charged with bribery and fraud in US
IND vs AUS: Records Virat Kohli can break during Border-Gavaskar Trophy
Diljit Dosanjh fans get angry over Ananya Panday's birthday post for her grandmother, here's why
Reddit suffers outage with ‘upstream connect error’ message, says 'currently investigating...'
Border-Gavaskar Trophy: How has Jasprit Bumrah fared in Tests in Australia?
Delhi records coldest night of the season, temp drops to...
Crossing the Line: Ukraine's Use of Storm Shadow Missiles and the Escalation of Conflict
When Malaika Arora talked about the controversial ‘instant pleasure’ ad, it was for…
This is the world’s most expensive shopping street, not Fifth Avenue, New Bond Street, it is...
Big setback for Gautam Adani, Kenya cancels Rs 6216 crore deal with Adani Group due to...
Viral video: Man’s jugaad to stay warm in winter will leave you SHOCKED, watch here
Hinduja Group firm gets key approval for acquisition of Anil Ambani's debt-ridden Reliance Capital
Viral video: Middle-Class man lives dream of having tea at Taj Hotel, netizens applauds
Shloka Mehta looks stunning in white floral kurta as she clicked with Akash Ambani, it costs Rs....
Who is Sagar Adani, Gautam Adani's nephew, accused of bribery, fraud charges in US?
PayPal down: Several users face issue while logging into accounts, say 'no one could...'
IND vs AUS: Jasprit Bumrah, Pat Cummins eye historic captaincy milestone in Perth Test
BGT 2024, Ind vs Aus: Can Shubhman Gill be the new Cheteshwar Pujara? Is he really ready?
The Ultimate Guide to Luxury Gifting: Discover Heirloom Pashmina by Pashmina.com
Effortless Relocations: The Perks Of Professional Removalists In Melbourne
Watch: Pakistan fan with 'Imran Khan' poster asked to leave Hobart stadium in Australia
International Criminal Court issues arrest warrant against Israeli PM Benjamin Netanyahu for...
What is demisexuality? Everything you need to know about this lesser-known sexual orientation
WATCH: World’s shortest woman meets world’s tallest woman, video goes viral
IND vs AUS 1st Test: Predicted playing XIs, Perth weather forecast and pitch report
IND vs AUS: When will Rohit Sharma join India squad? Check latest update
'Scam 2024': Diljit Dosanjh lookalike pranks people on Pune streets, video goes viral
Delhi Air Pollution: Centre announces staggered work timings for govt employees; check details
Mukesh Ambani's Reliance Jio loses nearly 80 lakh subscribers in just 30 days, BSNL adds...
IND vs AUS, 1st Test Dream11 prediction: Fantasy cricket tips for India vs Australia match
This country has most expensive passport in world, not US, UK, UAE, it costs Rs...
Amitabh Bachchan opens up on Aishwarya Rai-Abhishek Bachchan divorce rumours