No jobs, economic slowdown: Modi govt has its tasks cut out

After a landslide victory at the general election, Prime Minister Narendra Modi faces immediate challenge of arresting a slowdown in the world's sixth largest economy, creating jobs, stimulating private investment and tackling bad loan woes of banks, economists have said. BJP has won more than 300 seats in the latest polls, bettering its performance in 2014. But the victory has come amid agrarian distress, youth unemployment, anemic growth and troubles in the financial system. Economists said the new government should ease land acquisition rules for companies, initiate labour reforms, address the funding crisis in shadow lending sector and fix mounting bad loan problem in the banking system. Other challenges on the economic front before the new government would be to contain current account deficit (CAD), and take steps to improve the quality of manpower to make them employable. S&P Global Ratings Chief Economist Asia-Pacific Shaun Roache said the immediate challenge is to unlock .

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