THE HONEYMOON IS OVER - IT'S TIME TO GET TO WORK

By Ruma Dubey

We have read realms and realms of what Modi delivered in this one-year gone by. There have been enough editorials written and surveys conducted over his 365 days. This is but natural given the huge expectation wave he came riding on. These expectations were built partly by the non-performing outgoing Govt and mostly by Modi’s promises.

Its been just 365 days and it is initial days to really sit down and prepare a report card. We need to give him some more time before we can start judging his work. One thing we give a big thumbs up to – his foreign trips have actually been a good thing for India, elevating our country’s image and re-stablishing a bridge of friendship with our neighbours. Our foreign diplomacy has never been this strong.  

But now its time to work. One year honeymoon phase is over. Life begins and now if Modi slips, even the devoted fans will not forgive him. There are lot of things which he needs to work on and we take this opportunity to list down his “To do” list. These factors will have a bearing on the Indian markets; even if geopolitical factors get dicey – Fed hiking rates, default by Greece, turmoil in Eurozone; notwithstanding even these, if on the domestic front, Modi is able to work on these, we will remain insulated.  Yet, rising crude oil prices, which have started showing signs of rising, could pop the balloon. Yes, Modi might have waxed eloquent about his Govt controlling inflation but that is something which he will need to deal with in the coming months, especially food inflation.  The depreciating rupee, erratic monsoon; these are circumstances which Modi cannot control. But if he takes necessary steps, initiates a reform process, to some extent at least, we will remain protected.

The Govt is not able to push reforms due to lack of strength in Rajya Sabha. If BJP manages to increase its tally during the elections in Bihar, Tamil Nadu and West Bengal, only then will it be able to break the deadlock.

So geopolitical, rupee, crude oil, Fed hiking rates – all these threats remain but Modi needs to what he got elected for – keep his promises.

Modi’s “TO DO” list:

• Clarity on MAT issue will be the biggest booster for the market.
• The Govt is very low on transparency though it uses the social media to the hilt; that needs to change.
• Modi meets company chief’s of foreign countries. Why not Indian CEOs? Apart from meeting only Adani, regular meetings, one-to-one with other CEOs are crucial to remove gaps between what India Inc wants and what Modi gives.
• Modi might have come from very humble beginnings but currently he seems to have lost touch with the grass root workers and farmers. He needs to urgently correct this perception of being so anti-farmer and pro-industry only.
• Permanent member of the UN Security Council – that seems a long way off.
• Setting up 100 smart cities made great speech; so did Make in India – but are these plans feasible. Modi needs to work to ensure that these plans take off with the right support – mere talk is hurting.
• Needs to break the deadlock on its two major power schemes - Integrated Power Development Scheme and the Deen Dayal Upadhyay Gram Jyoti Yojana. He needs to get Bihar and UP to agree to invest.
• Clean Ganga was one of his election mantras. Nothing has happened here except rhetorics – Modi needs to work with utmost urgency on this, especially after being pulled up by the Supreme Court for the lack of any progress.
• His another big election winner promise – employment for the youth. This needs to work on asap because it does not take the youth to give up; young blood lacks patience. Every year some 30 lakh graduates are added to the working pool – where will they fund jobs? Youngistan , our strength should not become a weakness.

The tasks are tall and daunting. Modi needs to really toil hard, change the entire outlook of the country – a country which seems to have forgotten how to do business simply.