The present Modi government looks keen in reforming major sectors of Indian economy. Prime Minister Narendra Modi’s leadership has always been known for tough stands, big reforms and revolutionary reforms. The last major reform we witnessed was the demonetization of 500 and 1000 rupee notes.
Major Reforms that are needed to be taken:
India is expecting major reforms in Education sector, banking system, and defense sector, industrial and judicial reform. The government’s high school level education in India is at its worst situation. Indian universities and institutes have failed to create any major impact in India’s development. Most of the Institutes like the IITs, IIMs and AIIMS have only created a million rupee jobs for the graduates.
These universities have failed in research works, innovation and development work. Most of the educational pattern in India is based on learning and less on research and critical thinking, the major blockade for India’s development.
Reforms in Banking Sector:
Indian Banks have been hit by bad loans. The stressed assets have a contribution of 17% in loan which is the worst among the major economies in the world. The credit growths of banks have grown to its worst in the last two decades and this has made the banks reluctant in lending loans.
The state banks have got into trouble when they had to lend loans to big corporate sectors on the pressure from the government. These big corporate sectors listed themselves in bankruptcy and easily parted away creating burden on the banks. These bad loans have created immense trouble on the banks which needs major intervention from the government. If not solved, this may turn out in collapsing of banking sector in India.
Reforms in Defense Sector:
India defense forces have long been suffering from lack of modern equipments. From proper boots to proper helmets, bulletproof jackets, modern ammunition, latest sensors and many more, India needs a major reform in defense sector. Police reform is also a big need of the hour, given the inefficiency of our police department.
Reforms in Judiciary:
The judiciary is in its worst condition. From delayed judgment to lack of judges and allegation on judges of corruption, the Indian judiciary needs big reform. Nearly 2.7 Million cases are pending in district courts while 4.4 million cases are pending in 24 high courts in India. It takes more than a decade to solve one case which is causing severe damage to India.
Presently, these few sectors need major reforms in order to boost India’s growth and to ensure smooth functioning.