Addressing the first post-Budget webinar, Prime Minister Narendra Modi said every reform and every budgetary allocation of the government is an important step towards the goal of ‘Developed India 2047’. Therefore, these webinars held every year after the Budget are very important. He stressed that the policy decisions are aimed at accelerating long-term growth and taking the country towards a developed economy.
What changes took place in the Indian economy in the last decade?
The Prime Minister said that the Indian economy has shown unprecedented strength and resilience in the last decade. According to him, during this period the government implemented several structural and policy reforms with determination, which strengthened the economic structure.
Not policy making, but better implementation is equally important
Addressing ‘Technology, Reforms and Finance for Developed India’ through video conferencing, he said that to maintain the pace of reforms, equal attention will have to be paid not only to policy-making but also to better implementation. He said that reforms should be evaluated only on the basis of their ground impact.
What did PM say about Reform Express?
PM Modi said that to maintain the reform express, equal attention will have to be paid not only on the intention of the policies but also on better implementation. Reforms should be assessed based on their impact on the ground and use of grievance redressal mechanisms along with AI, blockchain and data analytics is necessary to increase transparency, speed and accountability.
What has PM said for investors?
Modi said the government’s effort is to make the system more predictable and investor friendly. He said that bond market reforms should be seen as an efficient means of long-term economic reforms.
Major changes in capital expenditure- PM
Pointing to the major change in public capital expenditure, the Prime Minister said that while it was around Rs 2 lakh crore 11 years ago, it has increased to around Rs 12 lakh crore in the current budget. He said that such a huge investment by the government is a clear message to the private sector that now the industry and financial institutions should move forward with new energy. He stressed the need for new models of financing and stronger cooperation in emerging sectors and advised to strengthen the quality of project approval process and appraisal to prevent delays and cost overruns in projects.
What is the Reform Partnership Charter?
Also, PM Modi suggested creating a clear Reform Partnership Charter between the government, industry, financial institutions and academia. He said that more important than discussion on the budget is its quick and easy implementation, so that all stakeholders can benefit from it and the economy gets a new impetus.