A point of view
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GOI has improved business environment through transparency, efficiency and better judiciary, macro-economic policy and banking reforms; but should re-think emphasis on building export infra, timid approach to education or skilling, frequent tax treaty changes, gold and Masala bonds. Execution will be crucial for GST.

* Consumption pattern in West is moving from goods to services, so Make for India is a better strategy. Domestic-orientated infra like roads is preferred to trading infra like ports.

* Major size expansion of campuses of IITs and IIMs will improve both quality and cost-effectiveness, is preferred to adding numbers of smaller institutes. Massive open online courses will by-pass infra and cost hurdles for delivering the quantity of education to the masses.

* Enforcement of contracts is finally happening through legislative efforts on commercial courts, arbitration, bankruptcy code and enforcement of securities & debt laws. An improvement was seen in the labour scene via states.

* India's version of GST is most complex, will need vast, robust IT infra and professional manpower dispersed across India. New tax treaty with Singapore will be unpopular. Grandfathering provisions pre-April 2017 is essential. Frequent changes are bad for inward investment.

* Recognised NPA, only once ARCs (asset reconstruction companies) were instituted, so lenders could sell on troublesome debt; Changed definition of NPA to compel banks to take positive action;

* Good RBI initiatives, eg. Monetary Policy Framework Agreement for inflation targeting; Mandated MCLR (lowering RBI lending rates to banks) to reduce bank lending rates, so promote higher lending; Higher liquidity without increasing inflation;

* Real interest rates on savings discouraged gold imports, and increased savings and capital inflows. Scope for interest rate cuts, as food CPI abates. Bank lending rates will be fully passed down.

* Masala bonds are not well priced as investors are not interested in Indian currency. Hedging is very costly. Gold bonds have not been a success.

Govt should focus on Make for India, building road infra: Sanjay Guglani