To-do list for new government:
– Start process of fiscal consolidation by taking steps that include subsidy rationalisation;
– Improve investment climate by easing both the cost of doing business and policies;
– Tame inflation without compromising on growth with supply-side interventions;
– Initiate measures on war footing that can revive manufacturing;
– Ease both the flow and the cost of credit to industry;
– Put key legislations in place to lift investor mood, like pan-India goods and services tax, banking, pension and insurance reforms, direct tax code;
– Pursue divestment aggressively;
– Ease norms that govern handing over key resources, like coal, spectrum and land, to industry;
– Ease key clearances for businesses, notably on environment and other procedural issues;
– Define clearly the role of regulators, including the Reserve Bank of India, with prudent oversight that is based on trust.