Finance Minister assures commitment to economic reforms amid global challenges

Finance Minister Nirmala Sitharaman said that the government is committed to its intent to privatise PSU enterprises and push banking sector reforms.

The minister added that the Indian government is focused on dealing with the challenges with apt governance. The government is working on a path to boost economic growth over the next 25 years, along with the central bank.

The central government had proposed privatisation of two PSU banks along with one general insurance company in the 2021-22 Budget. It also unveiled a public sector enterprise policy for reducing the presence of government in running businesses.

India’s economic recovery is firm and on a good foundation, she said, highlighting that banks are now able to get resources, fund development from the market due to their improving financial health.

FM talked about several other issues ranging from governance, taxation, bond inclusion in global index, among others. The government is working to provide tax stability to businesses, and remove anomalies of retrospective taxation.

“The initial public offering of Life Insurance Corporation of India has shown that the government is committed to the process of disinvestment. The government will go ahead with the banking sector reforms as well. India will have to reset a lot of things to become a developed nation by 2047, and the biggest tools will be digitisation, education & infrastructure.” she added.