New Delhi, August 12: With the Indian economy plunging and reports of rising foreign portfolio investors exodus, Prime Minister Narendra Modi assured that his government is looking forward to deriving policies that would revive it through long-term growth plans. He stated that experts should look at the macro picture of the budget, rather than the micro picture of just 'who got what'.
Expressing his opinion, PM Modi said, as reported in The Economic Times, "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’. I understand that this would mean a paradigm shift from conventional thinking, but I am sure that in the coming months and years this aspect would find its place in intellectual debate." Economic Crisis in India: Nirmala Sitharaman Chairs Industrialists' Meet, Hints at FPI Tax Waiver Soon
Stating that he believes entrepreneurs as India’s ‘Growth Ambassadors’, the Premier said, "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. 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. We want our investors to earn more, invest more and create more jobs."
On the trade conflict between the United States and China and foreign direct investment, PM Modi said, "Our policies are not designed to get some short-term benefit out of transient disruptions being seen around the world. We are focused on improving our competitiveness through long-term reform measures. It encompasses steps towards improving our ranking in ease of doing business, tax reforms with lowering of tax rates and simplifying procedures, labour sector reforms to encourage formalisation and FDI-related reforms to further liberalise the investment climate." Economic Crisis of India: SEBI Data Says Investors Lost Rs 13 Lakh Crore in 1 Month Post Union Budget 2019
PM Modi also opined that his government had brought non-performing assets under control and sought optimum capacity utilisation for the private sector to make fresh investment. Indian Economic Slowdown Hits Auto Sector, Over 3.5 Lakh Employees Laid Off Since April 2019
Since the economy is experiencing a slowdown right now, the Premier was of the opinion that his government has provided Rs 70,000 crores capital in public sector banks to boost credit growth in the economy. Measures like asset monetisation, asset recycling and a continued focus on strategic disinvestment will boost growth and crowd-in private investment soon, he added.