‘Economic policy to be growth oriented’
INDIA today assured the global community that policies of the new government will deepen the reform process to put the economy on sustainable and balanced high growth path.
"As you are aware, India has elected a new government. We will be strengthening our growth strategies as per priorities of the new Government," Finance Secretary Arvind Mayaram said at G-20 meeting in Australia.
"I am confident that this will be growth oriented and would deepen the reform process to put the economy on a high growth path which is in line with the G20 objective of strong,
sustainable and balanced growth," he added.
The Finance Secretary giving an intervention at G20 Deputies Meeting.
Mayaram, however, did not provide specifics saying the "reform measures" will be presented by FM Arun Jaitley in the forthcoming Budget. Jaitley will present the Bbudget in Parliament early next month amidst high inflation, particularly in the food segment, significant fiscal deficit and subsidy bill.
The new Government led by PM Narendra Modi assumed office in May after a comfortable majority in polls. On Friday, the Government took a "difficult but correct" decision to hike rail passenger fares and freight charges. Modi had recently said that he will administer "bitter medicine" to revive the ailing economy.
The ruling BJP fought the elections on growth agenda at a time when the country's economy posted a sub-5 per cent growth for two consecutive financial years.