Let me take you back to November 2018, when the then President of the World Bank, Mr Jim Yong Kim, commended India’s ‘historic rise’ in the ‘ease of doing business’ rankings. Setting higher goals and objectives and achieving them had been the hallmark of our government during the last five years. We put in motion an exit mechanism which is a win-win for the creditors, the workers and the market. Through IBC, we sent a message that entrepreneurial failure is neither fatal nor final. It set in place a process of formalisation, which is irreversible and self-sustaining. Let us, for a moment, step back and evaluate how big a reform GST was in a complex country, plagued by reform inertia for decades. What are the other measures that the government has in mind? However, attaining the $5 trillion goal will require bolder steps. In the last term you implemented broad structural reforms such as the GST and the bankruptcy code and ease of doing business. Viewed in a global context, investors can be assured that India is the best destination in the world. We want our investors to earn more, invest more and create more jobs. We want entrepreneurs to get better productivity and better profits, we want our industries to grow in speed and scale, we want our businesses to get access to bigger markets, both at home and abroad. I want to tell them that our government will leave no stone unturned to make India a better place to do business in all aspects. I consider entrepreneurs as India’s ‘Growth Ambassadors’. Infrastructure is being built at an unprecedented pace. Stressed and stalled assets are getting resolved. Logistics have become much more efficient. Reforms like Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC) have been acknowledged to have benefited the economy. It has good relations with all major economic powers. Our government has proved that we are fiscally responsible, we have kept the inflation under tight control. I understand that this would mean a paradigm shift from the conventional thinking but I am sure that in the coming months and years this aspect would find its place in intellectual debate.Įconomic pundits may analyse the performance of last five years which would give an indication of our commitment and delivery. But now, time has come to look at the macro picture of how the budget will propel our country forward and what it will contribute towards world growth, rather than the micro picture of just ‘who got what’. It has been a common practice established over the years in our country to judge a budget based on what it has given or provided for specific sets of people and sector based on what individual groups get, experts from those groups would analyse the budget. Similarly, with respect to economic policy, I would request people to analyse the impact of two budgets together - one presented in February and another one in July 2019. I would request experts to see this government as a government in continuity from last five years, and not in isolation. Strong and sound economic fundamentals coupled with stable government with increased majority - I see these as the reasons for this kind of high expectations. I consider it a very positive development that there are a lot of expectations from us even though we have not yet completed even first 100 days of the new government. This has given a new benchmark for the country to judge the performance of the government. Performance of our government during the last five years has shown the scale, speed and direction in which we work. At the same time, unprecedented mandate given to our government during the recently concluded election in the largest democracy has further raised the hopes and expectations. Expectations from India are not only from within the country, but even in the context of global growth and development a lot is expected from our country. In today’s world, any discussion or debate across various forums on development, economic growth or political stability, attention of the world is automatically attracted towards India. What is your message to boost investor confidence? In his first interview after assuming office in the second term, the PM tells ET that he is working towards long-term growth, not the kind which happened between 20. Prime Minister Narendra Modi says the private sector must continue to believe in the India story, assuring that he will do his best to make India a better place to do business.
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