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India has launched 'game-changing' reforms: Jayant Sinha

14 Oct 2015 Evaluate

In order to transform India's economic fortunes and improve the business environment in the country, Minister of State for Finance Jayant Sinha has said that the government has implemented 'game- changing' measures, reducing the concerns of investors over pace of reforms in India. Listing the initiatives by the government such as universal social security, 'Make in India' and agriculture credit, Sinha said that these measures are the game changing and are going to transform India's economic fortunes. 

Sinha further highlighted that in order to ensure universal social security, the government has initiated the 'Jan Dhan Yojna' which over a period of time will include other benefits like health insurance. Talking about agriculture initiatives like the irrigation soil health card, agricultural credit and crop insurance he said these are being put in place to make India's agriculture more productive. Besides, he said the Make in India, Skills India and Mudra schemes to highlight efforts by the government to improve manufacturing and give a boost to small entrepreneurs across the country.

Additionally, he said that the key objective of the government is 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.  Furthermore, He added that “our overriding objective is to build India's productive capacity both as far as the hard assets and the soft assets are concerned”. Talking about hard assets he said that government has aligned huge infrastructure investments to develop the country's roads, factories, highways and bridge. On the other hand, the government is also paying attention to soft assets including improving employability and skills of the workforce, educational institutions and building an innovation eco-system that will propel entrepreneurship and start-ups. Though, Sinha stated there was expectation that "big-bang" reforms would be put in place to fundamentally transform the economic landscape and there is disappointment in some quarters over the speed of such reforms.

 

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