Will need radical reforms to revive growth: Jayant Sinha
Post the landslide win in the recently concluded Lok Sabha elections, BJP’s top brass is in huddle to finalise names for the new cabinet.
Jayant Sinha, Senior Leader, BJP MP, Hazaribagh spoke extensively to CNBC-TV18’s Shereen Bhan on the road ahead for the new government - in term of confirmation of cabinet formation, the top agendas, the reforms that will be needed to propel growth.
Below is the transcript of his interview on CNBC-TV18
Q: What we can expect over the next few days, when do you believe we will have a confirmation in terms of cabinet formation, when will the swearing in take place? There was another BJP parliamentary board meeting today, give us what you know. I know you may not have all the details but whatever you know and what you can share with us.
A: I actually know very little. I have just come back from Hazaribagh. We have had two and a half days of fabulous and intense victory celebrations. It has been fantastic just seeing the outpouring of enthusiasm and excitement that people have for this election result and for the Modi government. So, I have just got back to Delhi.
What I have heard so far is that there is going to be meeting which all of us will attend in Central Hall of parliament tomorrow to elect Narendra Modi as the leader of the parliamentary party. Then that he can go to the President and put in his request to be able to form the government which I believe will then happen on May 21. Once that is done then the cabinet formation will take place.
I am told that people are hoping that by May 24 or May 25 all of that will be finalised, 20 or so names for the cabinet and then there will be the swearing in ceremony as I have said, it might be on May 25 or thereabouts when Narendra Modi and the cabinet will do their swearing in.
Q: Due to the mandate that this government enjoys, the sense is you don’t have any coalition compulsions to deal with and any way the honeymoon period for a new government is the first 12-18 months and perhaps it may make sense to move ahead and bring in those big bold, perhaps even controversial reforms. What is your own sense and what is your own take on that?
A: I think those will be required. If we really want to put this economy on a sustainable 8-10 percent a year GDP growth trajectory, we will need radical reforms. People have spoken, they want radical reforms. So, we will have to take on and deal with a number of issues that other governments in some ways have been hesitant to take on. There are at least 4 or 5 issues I can think of.
Q: In terms of priorities what are the three or four things and I know that this is not your prerogative, it is going to be the prerogative of the Finance Minister whoever the Finance Minister maybe but just in terms of setting the agenda if I were to ask you to prioritise what are the three or four things that you believe this government should address either before the Budget or in the Budget, what would it be?
A: I think that there are three or four major structural things that have to be tackled which other governments have not done. Let me list at least four maybe even five.
We have to start with land acquisition. We have to make land acquisition a lot better in terms of both the people that are acquiring the land from the farmer’s and so on as well as for industry. So, you have got to deal with land acquisition in an appropriate way so that it balances all stakeholder interest.
Second we have to take on labour reforms. Certainly we have got to improve the antiquated labour laws that we have right now.
For the entire discussion watch video
02 Dec - 10:00 hrs
Founder & CEO, Right Horizons