Speaking at a conference in New York, MoS for Finance Jayant Sinha allayed concerns of investors over pace of reforms in India and called the “big bang” reforms launched by the government as “game-changing”.
“These measures are game-changing and are really going to transform India’s economic fortunes,” Sinha said in his address via a video link at the India Conference organised by Cornell University in New York.
Sinha also put to rest global concerns of bottlenecks in the Indian system that hampers the ease of doing business.
“These things take time to address and solve the problems associated with ease of doing business in India,” Sinha said. He also added that the government is well on track to achieve the target set by PM Modi to see India among the top 50 destinations across the world on ease of doing business.
Sinha went on to list the initiatives taken by the government. He mentioned universal social security, ‘Make in India’, agriculture credit measures among others taken by the Narendra Modi government to boost productivity and economic growth in India. He said some of these initiatives are aimed at giving a boost to small entrepreneurs across the country.
“I reassure business people, investors and Indians that we have probably done more and more quickly than any other government, including the government that brought in the 1991 liberalisation,” Sinha said.
He explained that the government launched the ‘Jan Dhan Yojna’ to ensure universal social security. He also added that over a period of time, the scheme will include other benefits like health insurance.
He said that the Modi government’s objective was to build India’s productive capacity to ensure the country sustains an 8-10 per cent economic growth over the long term and lift millions out of poverty.
“Our overriding objective is to build India’s productive capacity both as far as the hard assets and the soft assets are concerned….”We recognise that unless we build India’s productive capacity it will not be possible for us to sustain 8-10 per cent growth over the long term unless we have really addressed India’s supply side and productive capacity,” assured Sinha.
(With inputs from PTI)