Prime Minister Narendra Modi is expected to be sworn in for his third term on June 9. The new government will have a busy agenda, including a list of legislative Bills and adjustments to the 100-day agenda that was prepared before the Lok Sabha elections. Several key economic bills, such as amendments to the Insolvency and Bankruptcy Code and Companies Laws, have already been finalized and may be addressed in the coming months. Additionally, amendments to the Insurance Act and the Insurance Regulatory and Development Authority of India are pending, along with a draft Digital Competition Bill from the Ministry Of Corporate Affairs. The Central Board of Indirect Taxes and Customs is seeking feedback on the draft Central Excise Bill, 2024, aimed at modernizing central excise laws.
Many of these Bills may be taken up later as the new BJP-led NDA government, with the support of allies like TDP and JD(U), establishes its priorities. The 100-day agenda may be adjusted based on feedback from allies like TDP and JD(U) after Cabinet portfolios are assigned. Despite a potentially narrower majority for the NDA government, experts expect continued focus on infrastructure investment, business environment improvement, and fiscal consolidation. Fitch Ratings predicts broad policy continuity, but acknowledges the challenges of coalition politics and a weaker mandate in passing ambitious reform legislation.
