Undaunted by Covid 19, India plays big reforms card for investment: ASSOCHAM

New Delhi: Major policy decisions across the most critical and strategic sectors like Defence production, space, atomic energy, civil aviation and commercial coal mining unveiled by Finance Minister Mrs Nirmala Sitharaman today clearly demonstrates the Narendra Modi Government’s resolve to stay on course of bold economic reforms, undaunted by the Covid-19 global health crisis, ASSOCHAM Secretary General Mr Deepak Sood said.

”You need grit of the Prime Minister Mr Narendra Modi to announce far-reaching reforms like increasing FDI limit in Defence production from 49 per cent to 74 per cent, allowing commercial coal mining for private sector, privatising Discoms in the Union Territories and above all reposing confidence in India’s private sector to commercially use the country’s space capabilities,” the ASSOCHAM Secretary General said.

He said, today’s announcements on major policy reforms, combined with the previous three tranches of the Rs 20 lakh crore economic package of the Prime Minister to deal with the human and economic costs of the Covid-19 lend a confidence to 130 crore Indians, that with a strong and cohesive leadership both at the Centre and states, any crisis can be dealt with courage.

“It is somehow within us that as a nation, we respond very well when faced with a crisis. The Covid-19 pandemic is once-in-living memory crisis for the entire world. So, within the economic and social infrastructure constraint of a developing country, India has shown a rare degree of leadership. Cutting across the political spectrum, the way the states have responded to the national call must also be applauded,” Mr Sood said, adding credit must also be given to the common men and women for standing behind the government.

He said, decisions like corporatisation of Ordnance Factories with the stock listing option and a positive list for the domestic companies for Defence production would go a long way in making India self-reliant in arms and ammunition of modern vantage.

”What is most admirable is that the government, while grappling with one of the most difficult challenges, is thinking and taking bold decisions with a firm belief that investments will happen if we , as a nation, continue to remain stead fast on the path of reforms”.