1991 reforms were a saga of 20th century, current reforms are for new India of 21st century: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman Nirmala Sitharaman has said that the NDA government led by Prime Minister Narendra Modi has reiterated its commitment to de-control the economy. The Modi government in its first term implemented GST and the Insolvency and Bankruptcy Code. Our guiding philosophy, ‘Sabka Saath, Sabka Vikas and Sabka Vishwas Ko’ meant that there would be no appeasement on any ground. The Finance Minister expressed these views during a conversation with Live Hindustan. The Finance Minister, who announced a stimulus package of Rs 6,28,993 crore to bring back the weak sectors during the Kovid epidemic, said that the focus is on structural reforms under Minimum Government and Maximum Governance. Old cumbersome laws are being abolished. These old laws suited unscrupulous regulators. He said that together with the states, we have decided that on the occasion of 75th anniversary of independence in August 2022, people will get freedom from these rules also.
Nirmala Sitharaman said that in order to get the economy out of trouble in the difficult situation of Corona epidemic, we have emphasized on increasing expenditure on infrastructure in Budget 2021. The focus is on making the banks professional. Tax administration is being made faceless by using technology, it will benefit the taxpayers. Along with this, new sources of revenue are being explored from public properties. He said that the reforms of 1991 were a saga of the 20th century, but the reforms being carried out today are for the new India of the 21st century.
Referring to the economic liberalization of the 90s, the Finance Minister said that this suffocating economy felt fresh air with liberalization in the year 1991, we remember the political will power of the then PM PV Narasimha Rao and Finance Minister Manmohan Singh. He revived the economy. But if we appreciate that leadership, then we should also criticize him for the fact that the man from finance minister to PM has lost a whole decade and failed to maintain the pace of economic recovery. He said that it was a matter of lack of political will and commitment.
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