印度的新政府承诺经济复兴

India's new Prime Minister Narendra Modi came to power promising the country a better future. But economic growth has fallen below 5 percent, and job creation is at a three-year low. The new government says reviving the economy is at the top of its agenda.

Temperatures are soaring in the Indian capital and so is food inflation. It’s the problem of inflation and lack of jobs that have impacted people like Lochan. An ice-cream vendor, one would imagine would do roaring business in Delhi’s heat wave, but it’s inflation that has impacted him the most.

"My business has been falling. Everything is so expensive that people don’t spend and my earnings have been dropping." Ice-cream vendor Lochan Gautam said.

People like Lochan have big expectations from the Narendra Modi led government that has said its priority would be India’s poor.

The previous government of India has left an ailing economy as its legacy for the new government with a high fiscal deficit and a record high inflation. The biggest challenge for the new government is to revive India’s growth that stands at its lowest point in a decade.

While addressing the upper house of the parliament, India’s finance minister said it’s manufacturing that his government will pay attention to with an aim of creating jobs. India has seen negative growth in manufacturing in the last 2 years and that has meant no job creation.

"India missed the first industrial revolution. We got an opportunity the second time when several Asian countries were going for low cost manufacturing, we are on the verge of missing that and I think this is our last opportunity to catch up with that and make India into a low cost manufacturing hub." Indian Finance Minister Arun Jaitely said.

India needs to create 1 million jobs every month for the next 10 years to employ its young population gainfully. To achieve this number wont be an easy task.

The list of economic priorities for the new government includes large scale manufacturing, investment in infrastructure including railways, highways, ports and airports. The Indian government has said it will also invest in rural infrastructure and skill development.

The new government is also working to turn around investment sentiment that had turned negative in the last five years. Industry experts say this could be a key issue to revive the Indian economy.

"Manufacturing requires investments and investments today are constraint because of lack of consumer confidence and lack of business confidence. And I think the government’s first task is to restore consumer confidence through a number of steps but essentially it is to bring back a positive climate on the investment side, on the consumption side." Sidharth Birla, president of Fed. Of Indian Chambers Of Commerce & Industry, said.

India grew at 4.7% in year 2013-2014. The World Bank has said that India would grow at 5.5% in 2014-2015. The Narendra Modi-led government will announce its first budget in the month of July. Despite having constraints like high fiscal deficit, it’s creation of jobs and changing investment sentiment that would be the Indian government’s priority.