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  3. India on path of economic recovery aided by govt reforms: Economic Affairs Secretary

India on path of economic recovery aided by govt reforms: Economic Affairs Secretary

05 Oct 2021 Evaluate

Economic Affairs Secretary Ajay Seth has said India is on the path of economic recovery supported by various government reforms in the last seven years under Prime Minister Narendra Modi's leadership. Notwithstanding the COVID-19 pandemic, he said, the government continued with the reform process and many strategic reforms were announced even during pandemic. He also noted that during the pandemic period of the past 18 months, it was not just the management of the impact of the pandemic, starting from a health crisis spilling over to the real economy and thereafter some impact onto the financial sector. He said managing each of those, but with very strong emphasis on stepping up the reforms, so that the economy can bounce back with a fast growth rate, and also the potential growth rate can be built.

Talking about one of the challenges, Seth said, the credit offtake has moderated in the last 18 months due to pandemic. He said there are challenges that in the past 18 months because of the lack of private investment demand, the credit offtake has been rather moderate and that's an area where further work is needed. He noted that the focus of the government is on inclusive development, and added that the government has launched various schemes targeted to support persons, entities with weak economic capacities, not just in the pandemic period, but in the past seven years.

With regard to financial sector reforms, the secretary said the introduction of Insolvency and Bankruptcy Code (IBC) has led to resolution of Rs 2.4 lakh crore of stressed assets, while FDI and FPI liberalisation has bolstered the confidence of foreign investors in the Indian economy. On the infrastructure development, he said the two major plans --National Infrastructure Pipeline envisaging Rs 111 lakh crore of investment, supplemented by National Monetisation Plan to the extent of about Rs 6 lakh crore -- have been announced.  

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