Finance Minister Nirmala Sitharaman expressed confidence in the trajectory of next-generation reforms during an interactive session organized by the Indian Express Group. She highlighted that while the economy faces external concerns such as fluctuations in crude oil, natural gas, and fertilizer prices, the government remains committed to policy stability and growth.
Addressing concerns raised by startups, Sitharaman emphasized the need for a simplified compliance regime to support their growth. She recounted a recent interaction with fintech startups, where their concerns were discussed with regulators, including the Reserve Bank of India (RBI). The minister proposed regular virtual conferences between regulators and startups to address queries and provide clarifications, demonstrating the government’s empathy towards startup challenges.
Sitharaman reiterated the government’s support for startups and emphasized the importance of fostering an environment conducive to innovation. She underscored the need to alleviate any apprehensions within the startup ecosystem by streamlining compliance procedures and ensuring regulatory clarity.
Regarding the broader economic landscape, Sitharaman emphasized the resilience of the Indian economy despite external risks. She credited policy stability and Prime Minister Narendra Modi’s leadership for steering the government towards cohesive and goal-oriented reforms. Sitharaman highlighted the importance of systemic reforms aimed at eliminating unnecessary laws and promoting transparency.
The finance minister also stressed the role of state governments in driving reforms, emphasizing the need for coordinated efforts across different levels of governance. She outlined key factors contributing to India’s attractiveness to investors, including policy continuity, tax predictability, and a commitment to transparency and anti-corruption measures.
Sitharaman concluded on an optimistic note, highlighting the transformation of past challenges into opportunities. She noted the improved balance sheets of both companies and banks, signaling a positive shift from the twin balance sheet problem that previously plagued the Indian economy.
Finance Minister Nirmala Sitharaman’s remarks underscored the government’s proactive approach to addressing economic challenges while fostering a conducive environment for innovation and growth. The commitment to next-generation reforms and collaboration with stakeholders, including startups and state governments, reflects a holistic vision for India’s economic development.