Finance Minister Nirmala Sitharaman assured the industry that the government was ready to take further steps to give a boost to the economy. She also said that the economy is showing signs of improvement. Sitharaman said at the India Ideas Summit that in order to tackle the economic impact of Covid-19, the government announced a Rs 20.97 lakh-crore incentive package on various sectors including MSMEs (micro, small and medium enterprises) at the grassroots level has a positive impact. She said the government would work together with industry to ensure rapid and continuous improvement in the economy.
The Finance Minister said: "The economy is showing improvement by looking at indicators like electricity and fuel consumption, movement from one state to another, and movement of goods within states, PMI (Purchasing Manager Index) data. It is not that we have done our work and now there are signs of the economy coming back on track, so we will not take further steps. We have kept all options open. The government is keen to work with each person for better results. Further steps can be taken in the future which will depend on the response of the industry. '
She said that there are signs of the economy coming back on track, especially in rural areas. Rabi crop has been good and Kharif production is also expected to be better. Sitharaman said, "We can see that the agricultural sector is clearly giving impetus to the improvement in the economy. Rural economy-related activities such as the sale of tractors or accessories have increased. We are in a phase where if we all work together, the economy will improve faster. '
On the opening of sectors for private companies, the Finance Minister said that private companies will be allowed in every sector to promote competition. Even in the declared strategic sector, there will be no more than four PSUs with private sector companies. Regarding the reforms, the Finance Minister said that the government has taken forward the structural reforms pending during the Covid-19 epidemic. "We have taken some structural reforms in the meantime that have been waiting for decades.