100-days agenda for new govt: Accelerate NPA clean-up, cut corporate tax to 25%, says Arvind Panagariya

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Within the first 100-days, the Narendra Modi-led authorities ought to give attention to acceleration of non-performing loans (NPAs) clean-up, eminent economist Arvind Panagariya mentioned on Monday.

Panagariya, who had served as the primary Vice Chairman of the NITI Aayog from January 2015 to August 2017, in an interview with CNBC-Television18, mentioned that the federal government can begin by reducing company tax to 25 % and eradicating exemptions. He mentioned the federal government ought to give attention to strategic disinvestment and may take up Air India privatisation situation once more.

Panagariya mentioned the federal government must roll again customs duties hiked by it. Commenting on the US-China commerce conflict, Panagariya mentioned India can make the most of the spat provided that the nation’s markets are open.

On Monday, an official mentioned the commerce ministry was contemplating a serious export promotion scheme to make sure expeditious refund of central and state taxes and levies to spice up shipments within the wake of worldwide challenges at commerce entrance.

 100-days agenda for new govt: Accelerate NPA clean-up, cut corporate tax to 25%, says Arvind Panagariya

A file photograph of Arvind Panagariya, former vice-chairman, NITI Aayog. PTI

The proposal is a part of a 100-day motion plan ready by the ministry for the brand new authorities which is able to take workplace on 30 Might. The ministry has additionally deliberate to roll out nationwide logistics coverage, multi-modal logistic coverage, built-in nationwide logistics motion plan, and logistics planning and efficiency administration instrument.

“Multi-Modal Transportation of Goods bill will be introduced in Parliament. The new bill will replace the existing MMTG Act, 1993. The new Bill introduces new concepts like regulation of self-regulatory agencies etc,” an official was quoted as saying by PTI.

Final month, Panagariya had mentioned that India should give attention to the expansion of labour-intensive sectors to create respectable jobs for the lots in addition to give “serious thought” to privatising the general public sector banks (PSBs).

“My personal view is that India must complete its reform process in the coming five years,” Panagariya, Director on the Raj Middle on Indian Financial Insurance policies at Columbia College, advised PTI in New York in April.

With PTI inputs

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