Amid hope that the new government will lift economic sentiment, Finance and Corporate Affairs Minister Arun Jaitley said his priority would be to contain price rise and restore investors’ confidence that would put the country back on the growth track.
Mr. Jaitley and his Cabinet colleagues in charge of various economic and infrastructure ministries reiterated Prime Minister Narendra Modi’s agenda of boosting growth and economy, creating jobs and bringing relief from price rise. They also pledged to address the problem of “policy paralysis” that had derailed several development initiatives of the previous Congress-led United Progressive Alliance government.
The Indian economy was passing through difficult times, Mr. Jaitley told journalists after assuming office. “The mandate our government has received has an inbuilt hope in it... The political change itself sends out a strong signal to the global community as also the domestic investors. I think over the next two months, by expediting decision-making processes, we will be able to build on that.”
Broadband highways
Ravi Shankar Prasad, who took charge as Communications and IT Minister, said his focus would be on creating “broadband highways” that would give a boost to economic growth. “This is an area of big growth,” he said.
Ensuring transparency
Another Minister who will play a key role in Mr. Modi’s development agenda is Piyush Goyal, who has been given charge of Coal, Power and New and Renewable Energy, the sector which needs huge investments and major restructuring. “The three ministries have been brought under one umbrella so that we can all work in tandem, hopefully cut down some costs,” Mr. Goyal said.
