The Minister of State for Finance Jayant Sinha has said that India is well prepared to deal with the aftermath of the Greek crisis..
The government on Wednesday said that India is a bright spot and has put in place a “very robust” macroeconomic foundation for growth in the coming years.
The statement has come a day after rating agencies Moody’s and Fitch expressed concerns over the economy and the business environment.
At an IVCA (Indian Private Equity and Venture Capital Association) event, Sinha said, “We have been able to put in place a very robust macroeconomic foundation for growth going forward. Macroeconomic indicators were very toxic. Despite the global volatility we are seeing right now, India is a rare bright spot. So, we have addressed underlying macroeconomic instability that we had. We have put in place road map of reforms.”
Elaborating further, the minister said that the government will focus on executing three important agenda – banking reforms, GST and macro-economic stability in the remaining 3-4 years.
“Now our focus has shifted very much to execution agenda for remaining 3-4 years. We will have to push this forward. We will have to focus on execution agenda,” he added.
On Tuesday, global rating agency Moody’s raised concerns about policy stagnation and “some disappointment” over the pace of reforms under the Modi government. Another agency Fitch, lowered
India’s growth forecast to 7.8 per cent for the current fiscal citing country’s weak business environment compared to its peers.
Mr Sinha said the finance ministry has entered into a landmark agreement with RBI on monetary policy.
He noted that the macroeconomic stability as far as our execution agenda is concern is very important.
The government, the Minister said, is working very hard on pushing public investment and has provided Gross Budgetary Support to infrastructure projects.
Mr Sinha said the government will provide significant boost to domestic capital investment fund.
“We have to set up domestic alternative investment fund and because my own thinking is that if we will have domestic alternative investment fund then we will have more Indian products,” he said.