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27 November 2017
 |
Youth(The Total Investment & Insurance Solutions)
|
Niti
Aayog Vice Chairman Rajiv Kumar on Sunday said the time has come for consolidation
of reforms, including GST, bankruptcy code and benami law, initiated by the
Modi government in the last 42 months to ensure that the steps deliver the
"desired fruits". The Total
Investment & Insurance Solutions
The new initiatives in the next 18 months,
Kumar said, should focus on health and education sectors as these two are going
to be critical for human resource development. The Total Investment & Insurance Solutions
"You know Modi government has done far
too much in those 42 months, it has taken some very major steps. My view is
that time has come for consolidation and making sure that these reform steps
which have been taken yield the desired fruits," he told PTI in an
interview. The Total Investment &
Insurance Solutions
The Narendra Modi-led NDA government came to
power in May 2014 and the next general elections are due in 2019. The Total Investment & Insurance
Solutions
Reform measures such as the Goods and Services Tax (GST),
Benami Transactions (Prohibition) Act, the Insolvency and Bankruptcy Code (IBC)
and the flagship schemes like Direct Benefit Transfer (DBT) are very major
initiatives, Kumar said. The Total
Investment & Insurance Solutions
"We should now focus on their successful
completion except in social sector where some steps need to be taken" on
public health and public education system fronts. The Total Investment & Insurance Solutions
On criticism that the government has failed
to create enough jobs, Kumar said there are a large number of areas which have
seen substantial increase in employment opportunities, though they may not be
in organised and formal sector. The
Total Investment & Insurance Solutions
"The number of EPFO accounts have
increased, the number of National Pension System (NPS) accounts have
increased... (There is a) significant jump in the number of employees within
the services sector, especially in tourism, civil aviation, transport and
services sector.
"Let me say that the lack of employment
story, I think, is quite exaggerated," Kumar said. The Total Investment & Insurance Solutions
When asked whether the Modi government would
go populist in its last regular Budget to be presented in February next year,
Kumar said the government would do what is right for the country and not with
an eye on elections.
"This government has never believed in
any kind of populism, I don't see any populism coming...I think Prime Minister
Modi's instructions are going to be very clear, let us do what is right for the
country," he asserted.
On overall macroeconomic environment in the
country, the Niti Aayog vice chairman said the rating upgrade by Moody's was
clear vindication of the fact that the macroeconomic environment in the country
is improving, specially with regards to the investor sentiments. The Total Investment & Insurance
Solutions
"The only slight concern is the
continued weakness of the exports sector, which has not taking off as
expected," Kumar said, adding that the rise in current account deficit
(CAD) up to 2.4 percent in the first quarter of the current fiscal should not
be a cause of worry because of strong foreign currency reserves.
Asked why private investments are not picking
up, he pointed out that most people use only the figure of credit offtake on
public sector banks (PSBs) as the proxy for private sector investment. The Total Investment & Insurance
Solutions
"But if you look at credit offtake on
private sector banks, it has now risen quite well...Finally also number of
initial public offers (IPOs) have been higher than previous year. So if you
look at all things taken together, the picture is not at all bad," Kumar
observed.The Total Investment &
Insurance Solutions
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