From UPSC perspective, the following things are important :
Prelims level : Not much
Mains level : Paper 3- Private sector led growth
The article deals with the recent acknowledgement of the private sector by the Prime Minister in the development of the country.
Respecting wealth creators
- In his recent speech in Parliament, the Prime Minister openly acknowledged the contribution and role of the private sector as an important engine of growth and employment in India.
- The creation of wealth is essential for growth, employment and the reduction of poverty.
- India’s successes in many fields in the last three decades are linked to the private sector.
- The industries that have created growth, jobs, buzz and hope in the last three decades, the vast majority have been driven by private enterprise.
Steps taken to promote business
- India has been making commendable strides in the “Ease of Doing Business”.
- It is easier to start a business in India than it was a decade ago.
- We seem to have broken the shackles of a chained belief that business is bad.
- The success of the Mudra Yojana and Start-up India are living testimony to this fact.
- And that India is daring to look at sectors we were otherwise hesitant to — space, defence, aeronautics.
- Some areas need work, but a government willing to listen gives a good head start to solving those problems.
- Work on faceless tax assessment and PLI schemes are moves that have received encouraging responses far and wide.
- The India stack has revolutionised the fintech sector.
- The digital health stack will likely do the same for healthtech.
The recent Union budget has made clear the intent of this government to pursue economic reform and go for growth — whether it is the willingness to live with a higher fiscal deficit or to aggressively pursue divestment of public sector enterprises. Large spending on infrastructure is good news too.