New Delhi:
Arvind Subramanian, Chief Economic Adviser to the government of India, spoke exclusively with NDTV on the Narendra Modi government's one year in power. He conceded that the row over Minimum Alternative Tax (MAT) has hurt the image of the government, which he said has, "learnt from it and does not want a repeat it."
Here are the highlights from the discussion:
Don't want to say everything is perfect, but more can be done now than 15-18 months ago.
There has been massive turnaround in the macro-economic situation
There has been a fair amount of structural reforms in one year.
There has been big institutional change via economic federalism, states are more empowered.
Growth hasn't picked up as much as people expected, or expected as a result of action.
People are judging us by outcome, not effort.
People will judge on economic growth. That is what the next course of action has to focus on.
I see Make in India as a long-term strategy to make the Indian economy competitive.
Give me any advice, I am willing to consider, Prime Minister Narendra Modi told me.
Private investment is still weak, it needs to pick up.
Exports are worrying, consumption is a worry.
If monsoon is poor, we have enough food stock that we can release.
Three levers to help farmers' income: MNREGA, crop insurance, minimum support price.
All the things coming back to bite us are legacy issues...but we are moving forward.
We want to prescribe policies that take into account reasonable political restraints.
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