Report Card Of First 100 Days Of Modi 3.0 Reflects All-Round Successes And Path-Breaking Initiatives

The enhanced Mudra loan scheme, credit guarantee scheme without collateral, and development of e-commerce for export hubs will all provide the needed impetus to the MSME sector

The first 100 days is critical for any new leader to establish oneself as a successful and transformative leader. Strategic leadership and action taken to ring in changes will have a positive impact in the organisation, including employees and all stakeholders, whose trust will almost be assured for the new leader at the helm.

Leaders are watched closely in the initial days of assuming the mantle, which is why the individual as to take every strategic move with bang on precision and foo-proof planning for the reformative process to get the derived acceptance. As the first step the leader has to take every stakeholder into confidence and provide a participative role to each as a measure of rewarding their skills and competence levels.

It is hence clear that the first 100 days become critical for any leader to establish his/her credentials and help in laying a strong foundation for long-term success.

Against this backdrop, one must appreciate that Narendra Modi has successfully completed the first 100 days of his third successive tenure as the Prime Minister. The Modi 3.0 Government has been taking forward the dreams and vision of the NDA government with noticeable dedication and commitment.

The first 10 years of Modi has seen India emerge as the fastest growing economy. In keeping with this very spirit, he has appealed to all government functionaries to prepare a 100-day plan so that the new government will take steps to sanction and start the implementation process in equal earnest.

The reduced majority in the Lok Sabha is not preventing the Modi 3.0 government to pursue the nation’s developmental and economic progress with unwavering determination.

Taken under any parameter, the progress report card of the Modi 3.0 government is remarkably impressive and speaks of the government's commitment to not only carry and continue the economic steps but also take new enablers to lay down a strong foundation for achieving Viksit Bharat by 2047.

This is a strategic and meticulously planned vision for an inclusive developed India. It will bear fruit on a greater scale as we go forward, especially because we are endowed with all macroeconomic advantages with which the policymakers can take bold and strategic steps leading to the 2047 vision.

The government has been focusing on physical infrastructure, which is evidenced by the launch of key infrastructure projects worth Rs. three lakh crore in the last 100 days. Among them is laying the foundation for one of the country’s largest deep water ports at Vadhavan Port in Maharashtra at a staggering cost of Rs. 76,000 crore. This all-weather port set to become one of the world's top 10 ports.

The other projects getting the push include eight national high speed corridor projects over a 900-km length at a cost of Rs. 50,655 crore. Implementation of these projects will generate an estimated 4.42 crore man-days of direct and indirect employment. The new high speed road corridor projects will boost industrial development and help save on time and money apart from facilitating better travel and transport facilities.

Eight new line projects across Indian Railways covering 14 districts in seven states, namely Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana and West Bengal costing Rs. 24,657 crore which will be completed by 2030-31 will facilitate travel comfort and minimise logistic costs. This will also help in generating direct employment for about three crore man-days during the construction. Also on the anvil are constructing 64 new stations as part of the projects. Metro projects in Pune, Thane and Bangalore worth Rs. 30,700 crore are aimed at strengthening public transport.

There are few other projects that have been approved like expansion of Lal Bahadur Shastri International airport, Varanasi, New Civil Enclave at Bagdogra and New Civil Enclave at Bihta airport.

As can be observed continuation of central government capex on a greater scale, particularly on physical and social infrastructure, has led to India’s speedier recovery from the Covid-19 setback. The pace is being continued by Modi 3.0. The Union Budget 2024-25 had made an allocation of Rs. 11.11, 111 crore for capital expenditure, which is 3.4 per cent of GDP apart from similar focus by state governments that are bound to have a strong multiplier effect on the economy.

Timely implementation of the envisaged projects is the key and the Modi government has shown the ability to execute them in time. These projects should bring the desired impact to the ground and people should take advantage of the same.

The government has been focusing on farmers, youth and women and the budget has provided many initiatives for these. Providing employment, giving support to innovation, research, startups, Made in India, industrial development, providing opportunity for private sector participation in skill building, training and employment have been a notable positive step.

The budget has introduced eight new schemes for the growth MSME sector as it has the potential to contribute a greater share to employment, GDP and exports. The enhanced Mudra loan scheme, credit guarantee scheme without collateral, and development of e-commerce for export hubs will all provide the needed impetus to the MSME sector.

Each central ministry has listed out various positive measures undertaken by them. Prominent among them is Agriculture Ministry, which has come up with futuristic welfare measures for farmers like assured higher MSP for Kharif crop and a draft policy of the new National Cooperative Policy. The Centre has also approved construction of three crore houses under the Pradhan Mantri Awas Yojana and installation of solar energy systems, among several such people-oriented schemes.

Another major scheme is the free insurance cover of up to Rs. five lakh to all citizens aged above 70 years under the Ayushman Bharat Scheme.

In a major forward step, the Union Cabinet on September 18 approved the recommendations of the panel, headed by former president Ram Nath Kovind, which strongly advocated implementation of the ‘One Nation, One Election’ (ONOE) concept.

Going by the trends in the last 100 days, one can expect bigger economic and social steps and ensure Viksit Bharat by 2047.

(The author is former Chairman & Managing Director of Indian Overseas Bank)