MODI 1.0 AND 2.0 REGIME AND THE ECONOMIC AND FISCAL LAW REFORMS: ENUMERATED AND EXPLAINED
Modi 1.0 and 2.0 formats of governance had many
Machiavellian moments of glory and triumph.
Electorally, the BJP party upscaled its tally of 282 Lok Sabha seats in
the 2014 general elections to 303 in the 2019 general elections, again, a
testimony for the deliverance of electoral promises and the growing public
support it continued to garner. If the
multi-faceted metamorphosis brought into the state craft and the national
resurgence created by the successive Modi governments can be one dimension of
its trail blazing historic engagement with its citizenry, it is yet another to
take stock of the innumerable and laudable changes it brought about improving
the quality of life. The various
positive vibes it evoked in the minds of common man, the perceptible changes in
good governance and eradication of corruption in public life instilled greater
confidence and endeared the Modi governments to the common man. There are several facets of the development
agenda vigourously and assiduously pursued by the Modi 1.0 and 2.0 governments
which has positively touched and enhanced almost all sectors and stakeholders
of the nation. While there are several
aspects and attributes to speak of and celebrate in the 1.0 and 2.0
governments, it would be beyond the scope of this work to undertake such an
expansive enquiry and appraisal.
Machiavellian moments of glory and triumph.
Electorally, the BJP party upscaled its tally of 282 Lok Sabha seats in
the 2014 general elections to 303 in the 2019 general elections, again, a
testimony for the deliverance of electoral promises and the growing public
support it continued to garner. If the
multi-faceted metamorphosis brought into the state craft and the national
resurgence created by the successive Modi governments can be one dimension of
its trail blazing historic engagement with its citizenry, it is yet another to
take stock of the innumerable and laudable changes it brought about improving
the quality of life. The various
positive vibes it evoked in the minds of common man, the perceptible changes in
good governance and eradication of corruption in public life instilled greater
confidence and endeared the Modi governments to the common man. There are several facets of the development
agenda vigourously and assiduously pursued by the Modi 1.0 and 2.0 governments
which has positively touched and enhanced almost all sectors and stakeholders
of the nation. While there are several
aspects and attributes to speak of and celebrate in the 1.0 and 2.0
governments, it would be beyond the scope of this work to undertake such an
expansive enquiry and appraisal.
So, let me assure you that this endeavor is not
intended to be an ode to the political statesmanship of the party leadership
which steers the 1.0 and 2.0 governments.
There are better political scientists and self-professed commentators
who could do a better job than me in those realms. But, there is one no less significant, and at
the same time an undeniable, but the most unsung contribution that the Modi 1.0
and 2.0 governments have made and been making towards structurally crafting
economic reforms, fiscal and economic legislative innovations and relentlessly
pursuing a reformist agenda. This work would
chronicle, collate and coalesce the contributions thus far made by the 1.0 and
2.0 government in ushering in bold, robust and timely structural reforms and
the economic legislations. It is aimed
to bring under the view-piece the laudable changes brought into the areas,
including, but, not limited to the revamping of the arbitration regime in our
country; the introduction of Goods and Services Tax Act and Insolvency and
Bankruptcy Code; cracking the whip through the Black Money (Undisclosed Foreign
Income & Assets) and Imposition of Tax Act, 2015; the Fugitive Economic
Offenders Act, 2018; infrastructure development; disinvestment; banking reforms
and cleaning the balance-sheets of the banks; Direct Benefit Transfers; Make in
India; PSU bank mergers; FDI liberalization; Covid-19 led reforms etc.
intended to be an ode to the political statesmanship of the party leadership
which steers the 1.0 and 2.0 governments.
There are better political scientists and self-professed commentators
who could do a better job than me in those realms. But, there is one no less significant, and at
the same time an undeniable, but the most unsung contribution that the Modi 1.0
and 2.0 governments have made and been making towards structurally crafting
economic reforms, fiscal and economic legislative innovations and relentlessly
pursuing a reformist agenda. This work would
chronicle, collate and coalesce the contributions thus far made by the 1.0 and
2.0 government in ushering in bold, robust and timely structural reforms and
the economic legislations. It is aimed
to bring under the view-piece the laudable changes brought into the areas,
including, but, not limited to the revamping of the arbitration regime in our
country; the introduction of Goods and Services Tax Act and Insolvency and
Bankruptcy Code; cracking the whip through the Black Money (Undisclosed Foreign
Income & Assets) and Imposition of Tax Act, 2015; the Fugitive Economic
Offenders Act, 2018; infrastructure development; disinvestment; banking reforms
and cleaning the balance-sheets of the banks; Direct Benefit Transfers; Make in
India; PSU bank mergers; FDI liberalization; Covid-19 led reforms etc.
In order to do justice, an attempt will be made in
these columns in the coming days to unravel some of the facets and factors of
such economic reforms in sufficient detail that Modi 1.0 and 2.0 governments
have bequeathed to us. The inaugural
issue will address the relevance and the contribution made towards enacting a
Fugitive Economic Offenders Act and bringing to justice before Indian courts
the economic offenders who have fled the country.
these columns in the coming days to unravel some of the facets and factors of
such economic reforms in sufficient detail that Modi 1.0 and 2.0 governments
have bequeathed to us. The inaugural
issue will address the relevance and the contribution made towards enacting a
Fugitive Economic Offenders Act and bringing to justice before Indian courts
the economic offenders who have fled the country.
Corporate Lawyer, Researcher & Speaker