Finance Ministry To Target MSME Ease, Energy Security in Future Reforms

New Delhi, Jan 30 (KNN) The Finance Ministry outlined key focus areas for forthcoming reforms, highlighting MSME compliance reduction, energy security, skilling, learning outcomes, health, and gender balance in the labour force, on Monday.

In a pre-Interim Budget review, the ministry expressed optimism about India's potential to reach a USD 7 trillion economy by 2030, contingent on inflation differentials and exchange rate assumptions.

While geopolitical conflicts pose a concern, the review suggests a growth rate surpassing 7 per cent by 2030, propelled by rapid physical infrastructure development, strengthened balance sheets through the Insolvency and Bankruptcy Code (IBC), and the unlocking of economic capital.

The expansion of digital infrastructure, technological advancements, and collaborations with foreign partners contribute to institutional efficiency and progress. Decisive measures to accelerate human capital formation and an increasingly favourable investment climate, marked by improved ease of doing business, signal positive trends.

The adoption of the Goods and Services Tax (GST) has unified domestic markets, promoting larger-scale production and reducing logistics costs. This, coupled with an expanded tax base, is expected to bolster the finances of both Union and state governments, enabling growth-oriented public expenditures.

The Reserve Bank of India's (RBI) rising credibility in curbing inflation is deemed pivotal, fostering a stable interest rate environment for businesses and the public to make informed long-term investment and spending decisions.

(KNN Bureau)