Top FinMin officials say geared to do more to douse inflation, bolster stability and growth
Top FinMin officials say geared to do more to douse inflation, bolster stability and growth
The government is in the process of taking ‘advanced action’ to expedite the privatisation of public sector banks and is geared up to take further steps to rein in inflation as well as maintain economic stability and growth, top finance ministry officials asserted on Monday.
“As far as the banking privatisation is concerned… for making the enabling provisions, there is advanced action, which has been taken,” said Department of Financial Services Secretary Sanjay Malhotra.
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said transactions announced by the government would be carried forward. The Centre had announced the privatisation of two public sector banks in the Budget for 2021-22 but is yet to amend the relevant banking laws to enable the sale of its majority stake in them.
“For maintaining economic stability and growth, the government has been taking all measures not just from the fiscal side but even logistical level issues,” said Economic Affairs Secretary Ajay Seth.”Whatever new challenges may come up in the future, we are at it and the government is taking action,” he added.
“We have challenges obviously, some short term, some long term, but the strength that India has shown over 75 years, I am confident that we can overcome the current challenges and those to come, so as to reach the golden period of our economic journey,” Mr. Seth said, conceding that strong global headwinds would impact India’s growth.
“I reiterate that today, we have the strength to brace those headwinds but yes when they are there, the pace of growth may have an impact.. This is a global phenomena that happens, but even despite those, India is poised to be fastest-growing economy among all large countries,” he emphasised.
Prime Minister Narendra Modi is set to inaugurate on June 6 the Finance and Corporate Affairs Ministries’ iconic week celebrations, under the aegis of the ‘Azadi Ka Amrit Mahotsav’, Finance Secretary T.V. Somanathan said at a press conference. The PM will also release special currency coins of ₹5 to mark the 75th year of independence, Mr. Seth said.
During the week, Finance Minister Nirmala Sitharaman will inaugurate a new Customs and GST Museum in Goa, an exhibition on the contribution of central public sector enterprises to India’s self-reliance in Gandhinagar, Gujarat, as well as a sand sculpture by artist Sudarshan Pattnaik.
A unified portal hosting details of all credit-linked government schemes , which would enable beneficiaries to access the different schemes from banks, would be launched, said Mr. Malhotra.
Central Board of Indirect Taxes and Customs chief Vivek Johri said there would also be a synchronised exercise to destroy drugs seized around the country to signal India’s commitment to a ‘Nasha Mukt’ (Intoxication-Free) Bharat
