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Business News/ News / India/  Govt taking slew of steps to revive Indian economy, says Sinha
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Govt taking slew of steps to revive Indian economy, says Sinha

HT-Mint Asia Leadership Summit: 'The government had not forgotten the vision of 9% ($5 trillion economy) economic growth'
  • 'The Centre operated with all democratic practices (on Article 370)'
  • Jayant Sinha at the HT-Mint Asia Leadership Summit, in Singapore on Friday (HT photo)Premium
    Jayant Sinha at the HT-Mint Asia Leadership Summit, in Singapore on Friday (HT photo)

    Singapore: Pointing out that India is aware of the economic slowdown, ruling party lawmaker and former Union minister Jayant Sinha said the government is taking a series of fiscal measures, including important changes in the goods and services tax and bringing down the tax rates, to help revive the economy.

    He was speaking at a panel discussion on ‘Vision for India as a Global Influencer’ at the HT-MintAsia Leadership Summit 2019 held in Singapore.

    He said the government is mindful of its aim to build a $5 trillion economy.

    He called for massive investments by the automotive industries in the country on new business models, technology and electric vehicles. “The government is also encouraging the concept of ride-sharing, which adds to the lower sales of cars." He described India as the capital of small cars, not for its sales in volumes, but for its capabilities and manufacturing techniques.

    PM Narendra Modi, he said, had led the BJP to a second term by ensuring the delivery of schemes to the common man and through his personal popularity. To this, Congress leader and Rajasthan deputy CM Sachin Pilot said: “Dr. Manmohan Singh has also held the portfolio twice when the UPA government was in power. The Congress has been striving hard for more than seven decades to nurture the institutions of the country, which are strong to hold us now."

    However, the parties would work together putting aside their political differences, when it came to the interests of the nation, he added. Pilot criticized the government over the revocation of J&K’s special status. “Even if it is a majority government, a healthy functioning of the government depends on being transparent and seeking the support of every party in connection with every matter. The way the issue was handled was not received well by the general public." Rejecting the view, Sinha responded: “It is exactly the way the government operated with all democratic practices."

    For Biju Janata Dal’s Pinaki Misra , the ‘Vision for India as a Global Influencer’ is the buying capacity or buying power of the citizens. When asked whether the Odisha government is moving from federalism toward unipolarity, he said: “People are more knowledgeable, especially the marginal voters or the new voters, who are very clear on whom to vote in the state election and whom to go for at the national level."

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    Published: 06 Sep 2019, 04:32 PM IST
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