Public sector policy shifts away from socialist baggages, says FM

NEW DELHI: The government is not closing its options on another round of stimulus to help revive growth, finance minister Nirmala Sitharaman said on Monday, while highlighting the proposed public sector enterprises policy as one of the key reforms undertaken by the government.
Speaking at a function to mark the launch of a book by Finance Commission chairman and veteran policy maker N K Singh, the FM said every stimulus package had been discussed after feedback from various sections of society and deliberated on extensively before taking a decision.
Expectations of a fresh round of stimulus have risen over the past few weeks after the government unveiled measures to drive consumption and push infrastructure projects. Experts have termed the measures modest and have called for fresh steps to revive growth, which is expected to contract nearly 10% in 2020-21 due to the impact of the Covid-19 induced lockdown.
Asked about the reforms that the government would like to be remembered for, the FM said reforms in the public sector policy, which provide a greater role to the private sector, mark a “directional shift” from socialist baggage.
“To realise the policy that we are working (on) and which is likely to come to the cabinet. That there should definitely be a clear cut mention of how the Indian economy has to be …that shift away from socialist baggages that we have been carrying all the while ... some desirable some not so desirable some which are becoming more and more of a burden,” Sitharaman said.
Reliance Industries (RIL) chairman and managing director Mukesh Ambani, who was one of the panellists at the book launch, said embracing new technologies was key. “Our view was that at the end of the day we got to embrace the technology of the future. The faster we embrace technology, the faster we adopt the new technologies and the future industries will be better off,” Ambani said, while detailing the evolution of his company over the years.
Meera Jain, executive director of the Times Group, said, “N K Singh is a true gentleman who has worn several hats over the years — economist, academic, bureaucrat, politician... The breadth and depth of his knowledge is truly awe-inspiring.”
Samir Jain, vice chairman of the Times Group, said, “I am in constant awe of Mr N K Singh’s energy and enthusiasm and this book is a result of decades of formidable experience. There are few institutions in the country that command the respect and authority of multiple establishments, and N K Singh is one of them. I congratulate my good friend of four decades on this momentous occasion.”