Reforms express to run nonstop as FM Sitharaman backs GST, tax and banking overhauls
India Inc is beginning to invest and urban consumption is not a worry, finance minister Nirmala Sitharaman told ET, maintaining that there would be no holding back on economic reforms.
In a wide-ranging interview just after the finance ministry said India was in a “Goldilocks situation”—not too hot, not too cold, but just right—Sitharaman said this was the outcome of 11 years of work by the Narendra Modi government. The Centre is looking to simplify the goods and services tax (GST) and income tax further, ensure the availability of critical supplies, speed up land monetisation, and strengthen regional rural banks.
Amendments to the Insolvency and Bankruptcy Code are also expected to be placed before Parliament soon. Banking is going through one of its best cyclical phases but more lenders are welcome, while IDBI Bank privatisation is expected this year, she said.
“You have good momentum on the ground. And I hope going forward, I would think this momentum will be accentuated because the monsoon seems to come up with good news,” Sitharaman said on the health of the economy as summer rain covered the country nine days ahead of schedule. “Robust business activity is evident from strong e-way bill generation and PMI (Purchasing Managers’ Index) data.”
