Mission 10-20-30 is about creating 10 crore new jobs in 20 months with a minimum monthly income of Rs 30,000.
In the near-term, job losses are inevitable. But we can start taking steps now to build the New India from the wreckage of the Third World War unleashed by the virus. Without jobs, there are no incomes. Without incomes, there will be starvation deaths – because no government will have the resources and reach to save every impacted family. That is why we need to think positive. Once we use the frame of reference that this is not a 2-3 months impact event but one which can last 2-3 years, we can act now to create a different future.
There are 7 elements of Mission 10-20-30.
- Start by putting money in people’s hands. As crores of Indians lose their jobs and business struggle, India is facing an unprecedented demand shock. To address this, we need to first put money in people’s hands. This is not about printing money, but giving every Indian family a fair share of the public wealth of the nation. By doing it now, we can kickstart the process of economic rejuvenation. Rs 1 lakh returned to 26 crore families each year for the next 3 years will require one trillion dollars.
- Simultaneously, all bottlenecks for entrepreneurship and manufacturing should be removed. This will need structural reforms at every level. In case there are challenges, special economic zones could be created to accelerate the process of creating new legal frameworks where companies can operate – much like China had done.
- India needs to upgrade its hard and soft infrastructure. A modern nation needs high-speed rail, many more highways, more ports and airports. It also needs better soft infrastructure – rule of law, property rights, contract enforcement. The government needs to commit a trillion dollars over the next few years to building this out.
- Where to get the funds for this? Borrow $2 trillion from abroad.
- How can these funds be repaid? Through a massive programme of public asset monetisation, and the increased production of wealth that will follow.
- Cities must be made independent from the central and state governments – because cities are where the jobs will be created. Urban governance reforms are needed to free India’s cities.
- Finally, taxes need to be streamlined – no tax in India must exceed 10%, so people and companies can keep more of the money that they earn.
Taken together, these 7 elements will work as the foundation for Mission 10-20-30 and kickstart a long boom for Indians and an irreversible march towards prosperity.
Tomorrow: India’s Mission 10-20-30 (Part 5)