The government may not have ushered in faster reforms in the first term, Modi 2.0 is expected to put in efforts at a faster pace, Finance Minister Nirmala Sitharaman said.
The government may not have ushered in faster reforms in the first term, Modi 2.0 is expected to put in efforts at a faster pace, Finance Minister Nirmala Sitharaman said. The government will not miss the bus this time as it commands strong electoral mandate as against the last time, the finance minister said at The Indian Express Adda on Tuesday. The Modi government’s efforts were thwarted by poor numbers in Rajya Sabha in its first tenure, she noted. Hitting out at those who blocked the government from carrying out reforms in its first term, she admitted that due to limited numbers in the Upper House, the country paid the price for that. Speaking further, Nirmala Sitharaman said that the government is working on more sops for the real estate sector.
Amid the decline in interest rates, she said that the government will also introduce support for senior citizens. On being asked about the ongoing PMC Bank crisis, Nirmala Sitharaman hinted that cooperative banks will soon face tighter regulation norms and will be brought under the ambit of the Banking Regulation Act, 1943.
The government has introduced a slew of economic reforms in the past couple of months so as to prop up the economy tackling slowdown, owing to both domestic and global challenges. In September, the finance minister had announced a cut in corporate tax which boosted the sentiment of equity markets in India. “As you know since August, we have been announcing various interventions in such a way that the market is revived. So, even as we are doing it, there is a lot of work to be done yet,” Sitharaman said at an NSE event on Tuesday.