‘Eco­nomic pol­icy to be growth ori­ented’

The Political and Business Daily - - FRONT PAGE - PBD BUREAU/PTI

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.

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