New Delhi : Public sector and private must work together to move on to a growth trajectory which is desirable for a New India, Dr Shashank Saksena, Senior Economic Adviser, Department of Economic Affairs, Ministry of Finance, Government of India
Inviting suggestions from the industry through PHD Chamber of Commerce and Industry ,Dr Shashank Saksena, Senior Economic Adviser, Department of Economic Affairs, Ministry of Finance, Government of India, said the support measures for MSME must be further strengthen to help them sail through the current challenging times, posed by the pandemic.
If we have to look at the picture beyond recovery, going forward we should not lose sight of the medium to long term objectives of the economy, like recovery in the growth rate, stabilization in inflation and inflationary expectations and uncertainties existing at the global levels could be looked as immediate short term challenged which need to be addressed, said Dr Saksena
We must find the causes behind productivity decline, take immediate remunerative measures in different sectors like agriculture , and address these issues in a holistic manner to ensure economic growth trajectory is put back on track, said Dr Saksena.
The public sector and private must work together to move on to a growth trajectory which is desirable for a New India. Although the financial conditions are quite conducive, but because of some supply side issues, consistent price rise of oil, inflation conditions still exists.
Though Monetary Policy of RBI is a home grown policy, we cannot just see the economies which are different; we look at the international situation, but the mandate of RBI is statutory, added Dr Saksena.
RBI has to keep a delicate balance of economic growth and price stability, while framing the monetary policy, added Dr Saksena
Mr Pradeep Multani, President, PHDCCI, in his presidential address mentioned that the financial sector is the mainstay of any economy and it contributes immensely in the mobilisation and distribution of resources. While appreciating the government for roll out for continuous economic reforms, Mr Multani added that financial sector reforms have long been viewed as significant part of the program for policy reform in developing nations.
Earlier, it was expected to increase the efficiency of resource mobilization and allocation in the real economy to generate higher rates of growth. Recently, it has also been seen to be critical for macroeconomic stability, added Mr Multani.
Mr Saket Dalmia, Senior Vice President, PHDCCI, while giving the formal vote of thanks appreciated the Government and Finance Ministry for all the initiatives undertaken by the Ministry to bring in positive reforms.
The financial sector is main element of the Indian economic system. Financial experts suggested that there is a need for effective reforms to ensure that this remains competitive and attractive for investors from across the world, added Mr Dalmia.