According to media sources, Union Finance and Corporate Affairs Minister, Nirmala Sitharaman has said, the government has taken countless path-breaking reform measures to improve ease of doing business since 2014. She stressed that policy consistency and transparency have encouraged investment. The Minister was addressing the 12th SBI Banking and Economics Conclave in Mumbai this afternoon.
Ms. Sitharaman emphasized that India needs a lot of big and world-class banks, and the work has commenced in this regard. She urged the banking sector to support growth by expanding credit availability. She added that banks must deepen and widen credit flow to productive sectors to promote growth, asserting that the Goods and Services Tax (GST) rate cuts will spur demand and investment. The Finance Minister also mentioned that the government has saved over 4 trillion rupees through direct benefit transfers (DBT).
Ms. Sitharaman laid down five broad dimensions of an ‘Atmanirbhar Bharat’: Economic self-reliance; Social self-reliance; Technological self-reliance; Strategic self-reliance; and Energy self-reliance. She said, the work towards achieving Viksit Bharat by 2047 through atmanirbhar route had commenced from 2014 itself.
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