Economy

Long road ahead on reforms, says Jaitley

Stating that rectifying the economy will take “a lot of time”, Union Finance Minister Arun Jaitley on Wednesday hinted that major economic reforms are on the anvil. The Minister was speaking at the India Economic Summit organized by the World Economic Forum and the Confederation of Indian Industry.

Mr. Jaitley said he was satisfied that his government had begun the long journey of reforms, but said a single bad step could damage the economy. “I am quite satisfied with the beginning that we have made... It is only a matter of time that the ground results start reflecting on the cumulative effects of these steps,” he added.

Investors, he said, were beginning to get convinced that India is again becoming the place to invest and were closely watching developments in the country. He added that the government had introduced some labour reforms in Parliament, which are likely to be discussed in the coming session.

To a question on the new government’s plans for tackling “the systemic failure caused by corruption,” the Minister said the government’s actions had been aimed at eliminating discretion. He gave the example of the coal ordinance by which rules had been set for allocation of mining licences, first to the State sector and then to actual users through e-auctions. He said similar reforms were being planned for other minerals.


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Printable version | Jan 18, 2022 7:56:02 AM | https://www.thehindu.com/business/Economy/long-road-ahead-on-reforms-says-jaitley/article6568318.ece

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