Wednesday , 12 August 2020
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Next wave of reforms soon: FM

Mumbai: Finance Minister Nirmala Sitharaman, on Tuesday, said the government will soon use its strong electoral mandate to usher in the next wave of reforms, and not to miss the bus this time.

Without naming the reform measures unsuccessfully attempted by the Modi government in its first term, and in an apparent hint at land acquisition reform attempts by NDA1, she said government’s efforts last time were thwarted by the poor numbers in the Upper House.

It can be noted that many analysts have been calling for urgent reforms in the factor markets, especially, regarding land and labour, to get the economy out of the trough, citing the strong political mandate the government enjoys.

“…I am sure we will now show the commitment for reforms happens fast. That is where the mandate given to Modi 2.0 will help,” Sitharaman said, speaking at The Indian Express’ ‘Adda’.

“We will push forward with those reforms which have missed the bus last time, but won’t miss the bus now,” the minister asserted.

Hitting out at those who blocked government from carrying out reforms in its first term, she admitted that the numbers were limited (in the Upper House) and the country paid the price for that.

She said the manufacturing sector competitiveness is still pulled down by “extraneous” factors such as high cost for land, electricity and also changes in land use, which are beyond the ambit of individual companies, but which the government now wants to ease them all.

“Everything has a long way to go in terms of becoming actually easy to do business,” she said.

With dozens of companies leaving China and opening shops in other emerging countries like Vietnam and Bangladesh following the US-China trade wars, Sitharaman said the government has created a list of potential players who will be tapped and added that some conversations are already on in this regard.

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