New Delhi, 22 September 2015: The government is in the process to accelerate reforms by pushing through crucial bills on land, GST, real estate and several other sectors, in the coming session of parliament, Minister of Urban Development M Venkaiah Naidu said at the 41stSkoch Summit on Tuesday.
Addressing the inaugural session of the two-day Summit organised on the theme “Transformative Governance”, Naidu said the Indian economy can grow by at least 2 per cent faster pace than China if the key reforms are implemented.
“The government is already in the process of accelerating reforms and transforming India. A number of crucial Bills including that for introduction of GST, Real Estate Regulation and development Bill for bringing accountability and transparency and enhancing employment generation through amendments in Factories Act and Apprentices Act are expected to be taken up for approval in the next session of Parliament,” he said.
“These Bills are important from the perspective of spurring growth and employment, which is necessary for faster poverty reduction,” said Naidu, who is also Minister for Parliamentary Affairs.
The Minister pointed out that without accelerating growth, social justice is not possible because it requires wealth.
He said the government is also focusing on skill development, both in rural and urban areas, in order to alleviate poverty. “Already, some of the courses on vocational training have been revised to enhance skilling of the youth. This, along with a new scheme for job training, will help in employability of more workers in the industrial sector,” Naidu said.
Sameer Kochhar, Chairman, Skoch Group, said India has a historic opportunity to lead the global economic growth, as China slows down. “This is a historic opportunity. We are set to grow faster than China. Circumstances are in our favour. We must make best use of it,” said Kochhar, who is author of several books on India’s socio-economic development, including the best-selling ModiNomics.
Rana Kapoor, MD & CEO, YES BANK, emphasised on the need for reduction in policy rates by the Reserve Bank of India. “There is a very compelling case for reduction in interest rate,” said Kapoor.
He suggested that the RBI should cut repo rate by at least 75 to 100 basis points immediately.
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