The new tack that the Narendra Modi government has spelt out on economic policy needs proper understanding, to figure out whether it will work. For it includes not just the privatisation of government-owned companies but also of more sectors — like power distribution, where consumers are now promised choice of supplier. There is the promise of a change in attitude. For, while praising wealth creators, the government has also talked of de-criminalising company and tax laws, and further de-personalising tax assessments. This promise of a friendlier business environment and a less suspicious government has taken most people by surprise. But the ground was prepared with the new labour codes, the proposed opening up of agricultural marketing, private sector entry into mining and rail transport, and an incentive-driven push to promote manufacturing. Seven years after Mr Modi said the government had no business being in business, the business community senses real change.
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