Modi’s government focus to achieve the size of $ 5 trillion by Financial Year 2024 may be delayed but it is marching at a fast pace now, believes Sanjeev Sanyal, Principal Economic Adviser in the Ministry of Finance, Government of India.
He said that the economy has picked up the momentum and should go back to normalcy soon. He said this at the MF industry’s largest virtual conference - Cafemutual Ideas Fest 2021 held on February 10 and 11.
Sharing the government plans to revive economy by generating employment, he said that the government will increase its spending on infrastructure sector to generate employment and trigger demand in sectors like steel.
Sanjeev further said the government aims to privatize businesses. “Government is focused on opening up the entire economy with fledged privatisation,” he said.
Talking about how the government has successfully dealt with the pandemic, Sanjeev said the government used a barbell strategy to deal with radical uncertainties. “Taking a cue from barbell strategy, the government has worked towards preparing for the worst while stepping up their efforts towards the strengthening of the economy,” he said.
“We did an early lockdown because we were hedging for the worst case scenario. This process provided us some time to check on how other developed countries were dealing with the situation,” he said.
