The key economic highlights of the government include scrapping of the Planning Commission, abolition of 21 GoMs and nine EGoMs, ministries and departments were asked to resolve pending issues amongst themselves, hiking the FDI cap in insurance to 49 percent in Budget and a boost to manufacturing via the 'Make in India' slogan.
Assessing the hits and the misses, Arvind Virmani, Former Chief Economic Advisor to Finance Ministry, said the new government has been successful in breaking the decision-making gridlock and rebuilding the sense of confidence. "Overall it has been a good three months."
He however feels that the macro balance needs to be restored. "One of the disappointing things had been that the opportunity was not taken to clear up the budgeting accounting," he said.
He feels a lot more needs to done on agriculture and said that he was surprised that the issue of land acquisition was taken up so quickly.
Sunil Munjal, Joint Managing Director of Hero MotoCorp , too said that a sense of confidence was the key takeaway in the first 100 days of the Modi government and feels there were more hits than misses in the past three months.
He said the initiatives to increase FDI cap in Defence, insurance changed the mood and more centralisation in decision-making was seen.
He however feels that there should be more clarity on resolving the retro tax cases.
Below is the transcript of Arvind Virmani and Sunil Munjal's interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.
Latha: A lot of things have gone good for the economy simply because the world is a safer place. One year ago, we were still in the shadows of taper talk and the rupee this day last year was at 68.55 per dollar, the Nifty was at 5,200 or even lower and there has been a 50 percent improvement in the index in the Nifty and there has been a decent 30 percent improvement in the rupee as well or at least 20 percent improvement. What has the government itself done? In the first 100 days of the government, are you detecting any moves at all or had this been a thinking pondering kind of 100 days with no comment worthy?
Virmani: In late December early January, I did a policy paper called Agenda 2020 and I wrote a number of columns also in the newspapers where I laid out certain policies, which I thought were necessary over the next year and three years. If I look at that - my benchmark is that.
I think the most relevant ones for the first 100 days are three things which I said. One is that I said that the new government would have to re-establish confidence in the government and in the economy. That as you can see, as you have just pointed out, capital flows and the stock market clearly show that they have been able to re-establish confidence, how much of that is due to the fact that they have a political majority etc that can be debated.
The second point which was mentioned in those papers was that there is kind of a gridlock, which had gone into government between ministers, between the prime ministers and others with the bureaucracy etc needed to be cleared and that is what they would focus on. I think they have definitely again been able to achieve that.
The third part was what was summed up in their manifesto as tax terrorism. The retroactive taxes etc. I would say some progress has been made on that in the budget. I wouldn't say that that has been fully achieved as yet but enough has been done. So overall I think it has been a good three months.
Sonia: Those were the hits that you put forth for us but what about the misses, what disappointed you as a keen government observer in the first 100 days of the Modi government?
Virmani: The macro balance had to be restored and I think one of the disappointing things was that the opportunity was not taken to clear up the accounting. A lot of us including the Bharatiya Janata Party (BJP) we thought was very clean to clear up the budgetary accounting and there had been a lot of criticism including from economists. I think that was not done. That is one of the reasons and of course more of carryover of the previous government - if you think that budget was a good one then of course that is good but if one had doubts about that budget then one would have expected a little more change on that front.
Hero Motocorp stock price
On August 27, 2014, at 11:10 hrs Hero Motocorp was quoting at Rs 2558.55, down Rs 5.2, or 0.2 percent. The 52-week high of the share was Rs 2775.05 and the 52-week low was Rs 1862.10.
The company's trailing 12-month (TTM) EPS was at Rs 106.33 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 24.06. The latest book value of the company is Rs 280.43 per share. At current value, the price-to-book value of the company is 9.12.
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