This year was among those years when India exercised its largest democratic practice by conducting the

17th Lok Sabha general election in seven phases and making it as the epitome of all the electoral process
with the highest ever voter turnout in its history by ensuring the process to be more inclusive and
accessible to all the voters exercising their right to vote. The electoral battle in the process was the most
significant one as it was an ideological clash between India’s grand old alliance UPA led by Congress,
Mahagathbandhan and NDA led by BJP. The voters restored their faith again in BJP, as the party return to
power for the second consecutive time by winning with a complete majority leading to Narendra Modi
being sworn-in as the prime minister for the second consecutive time. So, What’s next? The new
government has a lot of economic challenges in-front of them which is needed to be addressed to respect
the voter’s mandate and their aspirations with a vision of new India.

The pathway to new India is not filled with bed of roses as there are many economic concerns that
should be taken care of as soon as possible before it’s too late. The Govt. should at first spur the public
spending initiatives through investing in Infrastructure and housing facilities that will in turn increase the
demand for steel and cement and attract lots of private investments. This will simultaneously give rise to
lots of job opportunities which is the major challenge of the present Govt. Most of the Indian work force
are either semi-skilled or unskilled laborer’s, so the first and foremost step should be to revive the labour
intensive market by providing conducive environment for them through industries like furniture, leather,
construction, etc. thus supporting their livelihood. Government should ease the strict regulation imposed
on doing business, so that it will encourage increase flow of FDI and FPIs and provide a conducive
environment for the growth and flourish of the startup culture which can generate lot of job opportunities
and drive the growth of economy.

The ongoing global economic slowdown and the trade war between China and USA has affected the
consumption pattern here at home due to the speculative uncertainty that has put a question mark on
future investments and growth in the upcoming years. In order to deal with this issue, the Reserve bank
should create more spending opportunities by reducing the interest rates and encourage more
investment opportunities and public spending by infusing liquidity in the market. This will increase the
income in the hands of the people and will revive the chance of economic growth. There are lots of
discrepancies going on in the banking system and NBFCs of our country due to piling of NPAs and other
bad loans in large amount that has slowed down the lending process leading to the slowing of investment
opportunities. The Govt. apart from infusing liquidity to recapitalize the banks and NBFCs must look into
divesting the stakes in PSBs, providing autonomy in their decision-making system, transparency in the
auditing system and strict implementation of IBC code by addressing its loophole that can bring the
banking system and growth on track.

Since India employs more than half of its population in agricultural sector, lack of infrastructure
development and disinflation of farm-gate price has led to farmers distress in large parts of the country
which is a very serious concern with farmers not getting the right price for their produce leading to
increase in farmer’s suicide. The Govt. must immediately restructure the whole MSP policy, provide
proper infrastructure facility through warehouse, logistics and processing and initiate open market policy
where the farmers can directly sell their produce without any third party interference and develop rural
infrastructure to increase productivity and efficiency of farmers, thus creating a conducive environment
for creation of rural employment. Hence Govt. must address all these issues with immediate effect and
spur the growth taking India on its path of making a new India.