Need structural reforms to create employment, enhance economic growth
Updated: Dec 11, 2014 12:38:20pm
New Delhi, Dec 11 (KNN) Minister of State for Finance, Jayant Sinha said there is need for deep structural reforms to create at least five million jobs every year and to ensure 7-8 per cent economic growth.
“Structural reforms shall keep taking place at gradual intervals as being done by the present Government so that as overall net result, these gradual reforms lead to transformation of India into an economy with a sustainable growth of 7-8 per cent and inflation in the range of 4-6 per cent,” he said at the inauguration of Delhi Economic Conclave 2014 here on Wednesday.
The theme of the two day conclave is “Structural Reforms and Growth in India”.
Emphasising his belief in supply-side revolution with high productive capacity, Sinha said the structural reforms must result into macro-economic stability, world class infrastructure, unlocking of entrepreneurship and innovations, and world class social security system.
The minister said India needs to develop alternative model of growth based on mix of policies including market driven entrepreneurship innovations, scope for larger private investment and free market economy in democratic polity among others.
Citing that the world economy is passing through a critical time, Sinha said the country needs growth which is sustainable, all inclusive, anti-inflationary and job-oriented. He also called for increase in environmental and ecological carrying capacity along with higher growth.
In his address, Singapore Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said India has very highly talented people including scientists, IT experts, academicians, entrepreneurs, but there is a gap at the middle and lower level in comparison to other competitive countries like China.
He focused on the need for supply side transformation for increasing competitive capacity, social mobility, high quality export oriented manufacturing of goods, production to meet demands of both external and internal market. He emphasised the importance of high technology and innovative progress so that high value added products are produced in order to generate and meet the demands of other parts of the world.
Also speaking on the occasion, Minister of State for Power, Coal and NRE Piyush Goyal said there is need for change of mindset of policy makers, policy implementers, stakeholders including private entrepreneurs among others to achieve the goal of high and sustainable growth.
Citing that the present government is focusing on bringing transparency and honesty in allocation of natural resources including coal blocks, iron ore and other minerals, Goyal mentioned about e-auction of coal blocks which will bring more transparency, competitiveness and efficiency in the system.
He assured that there will be no increase in power tariff post e-auction of coal mines and the focus would be outcome oriented.
The power minister said that new Electricity Amendment Bill would also be introduced soon in the Parliament, with focus on monitoring and accountability. (KNN/ST)
“Structural reforms shall keep taking place at gradual intervals as being done by the present Government so that as overall net result, these gradual reforms lead to transformation of India into an economy with a sustainable growth of 7-8 per cent and inflation in the range of 4-6 per cent,” he said at the inauguration of Delhi Economic Conclave 2014 here on Wednesday.
The theme of the two day conclave is “Structural Reforms and Growth in India”.
Emphasising his belief in supply-side revolution with high productive capacity, Sinha said the structural reforms must result into macro-economic stability, world class infrastructure, unlocking of entrepreneurship and innovations, and world class social security system.
The minister said India needs to develop alternative model of growth based on mix of policies including market driven entrepreneurship innovations, scope for larger private investment and free market economy in democratic polity among others.
Citing that the world economy is passing through a critical time, Sinha said the country needs growth which is sustainable, all inclusive, anti-inflationary and job-oriented. He also called for increase in environmental and ecological carrying capacity along with higher growth.
In his address, Singapore Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said India has very highly talented people including scientists, IT experts, academicians, entrepreneurs, but there is a gap at the middle and lower level in comparison to other competitive countries like China.
He focused on the need for supply side transformation for increasing competitive capacity, social mobility, high quality export oriented manufacturing of goods, production to meet demands of both external and internal market. He emphasised the importance of high technology and innovative progress so that high value added products are produced in order to generate and meet the demands of other parts of the world.
Also speaking on the occasion, Minister of State for Power, Coal and NRE Piyush Goyal said there is need for change of mindset of policy makers, policy implementers, stakeholders including private entrepreneurs among others to achieve the goal of high and sustainable growth.
Citing that the present government is focusing on bringing transparency and honesty in allocation of natural resources including coal blocks, iron ore and other minerals, Goyal mentioned about e-auction of coal blocks which will bring more transparency, competitiveness and efficiency in the system.
He assured that there will be no increase in power tariff post e-auction of coal mines and the focus would be outcome oriented.
The power minister said that new Electricity Amendment Bill would also be introduced soon in the Parliament, with focus on monitoring and accountability. (KNN/ST)
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