Indian economy on stronger footing due to ongoing reforms: Jaitley

Referring the spate of reforms happening in India, Finance Minister Arun Jaitley has asserted that the structural changes are underway in India, which would place the economy and the country on a stronger footing as one of the leading economies of the world. Comparing the situation of the county two years back with the current global context, he said India is doing a lot better on all fronts, especially on the key economic parameters; however, there is scope to do better.

Jaitley pointed-out that the discourse about reforms is changing in India with a larger constituency being in support rather than against. He further added that India has moved from being the state of policy paralysis to the economic bright spot of the world.

Finance Minister highlighted the initiatives taken by the Indian government which are geared towards helping the Indian economy focus on value added manufacturing which is at the heart of ‘Make in India’.  Jaitely referred in particular to the key reforms including opening-up of FDI in multiple sectors; reduction in the corporate tax rate, movement on GST, lowering of interest rates as well as process reforms with an emphasis on ease of doing business that can help decrease transaction costs.

He also mentioned about the huge resource allocation in infrastructure development particularly for national highways, roads, railway stations, airports and seaports will also help unleash economic activity in these capital intensive sectors. Moreover, Jaitley emphasized on infrastructure development in rural areas, rationalization of government support subsidies, and so forth will further help reduce stresses on the economic fundamentals in the country.