Government’s 100-Day Plan: Zero Electricity Bills, Tax Reforms and Budget Priorities

As the Lok Sabha 2024 elections are soon going to wrap up, everyone is now focused on the new government’s 100-day plan and the budget for 2024-25. Many expect Narendra Modi’s NDA to win a third term, but there’s debate about how strong their position will be, especially after PM Modi’s “Abki baar 400 paar” slogan.

In the short term, everyone will be watching the July budget for possible changes in taxes, MSP policy, and MGNREGA payments, assuming the NDA, led by PM Modi, returns to power.

For the long term, Mirae Asset expects the focus to be on building infrastructure, changing farm laws, improving skills, and creating manufacturing jobs to boost rural demand. Here are some measures Mirae Asset expects within the first 100 days and in the July 2024 budget:

Economic Growth: Make India a $5 trillion economy, maintaining the 7% GDP growth rate.

Insurance Reforms: Allowing companies to offer both life and non-life insurance products, with possible relaxations in capital requirements.

Ayushman Bharat Yojana: To Increase health insurance coverage for poor families from Rs.5 lakh to Rs.10 lakh.

Affordable Housing: Introducing a new interest subsidy to lower home loan rates and boost real estate.

Railway Modernization: Investing Rs.10-12 trillion to upgrade Indian Railways over five years.

New Cities: Establish 10 new cities with $1.2 billion to expand manufacturing and reduce congestion.

Citizenship Amendment Act: Implementing the 2019 Citizenship Amendment Act with a strong mandate.

Zero Electricity Bills: Providing free electricity through solar power to poor households.

International Listings: Clarifying rules for Indian companies to list on international exchanges through GIFT City.

These are some key actions expected from the new government in the near and long term.