Prime Minister Narendra Modi focused on two key economic policy initiatives in his speech. The first concerned job creation, while the other addressed the needs of farmers.
The PM said hereon all public and private investments that require government clearance or any sort of assistance would have to state the number of jobs they would create. This would be comparable to an earlier policy of allowing imports on concessional terms, provided importers are committed to fulfilling specific export obligations within a time frame. The projects would now impose the obligation of creating fresh jobs for every clearance given to investments, whether in the public or private sector.
Sources said all programmes and projects would be reviewed by the ministries with this objective now. To involve the private sector, the ministries and government departments would initiate a dialogue with industry chambers of commerce like CII and Ficci.
To address the needs of farmers, the PM said a new department would be created in the agriculture ministry. All the areas concerning farmers and their needs would be brought under this department. Currently the responsibilities are distributed amongst different ministries. Sources said the move would bring about a positive intervention by the government to look after the needs of the farmers.
At present, the agriculture ministry is mandated to formulate schemes aiming at increasing crop production, besides fixing the minimum support price (MSP) for around 23 crops. The Commission for Agricultural Costs and Prices (CACP) under the agriculture ministry fixes the MSP to be given to farmers for both summer or kharif and winter or rabi crops annually.
Besides, a separate ministry of consumer affairs, food and public distribution looks after the procurement of food grains and their supplies through public distribution system.
