PM wants to open new doors to recycle savings into productive investments, says Hindustan Times
In an interview to Hindustan Times, PM Manmohan Singh identified controlling the fiscal deficit, achieving clarity on tax matters, reviving the mutual funds and insurance industries, clearing a backlog of foreign investment proposals and boosting infrastructure as his focus areas in the short term.
The Prime Minister wants to “Revive the MF and Insurance industries which have seen a downturn. Absence of investment avenues has pushed Indian savings into gold. We need to open new doors so that savings can be recycled into productive investments that create jobs and growth, not into gold”
PM Singh who has additional responsibility as Finance Minister was also a full time Finance Minister in the early nineties. Addressing the concerns of the roadmap to be followed with respect to pensions, insurance and banking reform, the goods and services tax and the direct taxes code, the PM says “legislation is not the bottleneck to economic growth. Barring an issue here and there, most economic steps that need to be taken do not need legislative action. More important is that we need political consensus in the government on some policies. In a democracy, consensus building is the key to long term economic success and we are steadily moving ahead in doing that.”
Source: Hindustan Times
