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1991 reforms half-baked, Modi govt went for changes: Finance minister | India News


NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday said that the 1991 reforms were half done and Modi The government had to initiate fundamental systemic changes after coming to power in 2014, while ensuring that the needs of the poor and disadvantaged people are fully taken into account.
At a book launch event in Mumbai, Sitharaman, who speaks in Hindi, said that reforms implemented since 2014 have helped India become the fifth largest economy, a feat that should have been achieved. years ago, but this economy has gone wrong. model.
She said that the economic philosophy that followed Independence did not fit India’s ethos and socialism was imported from abroad, leading to licenses and regulations with money-makers in the middle. .
“In 1991, the economy was liberalized. The opening of the economy was done by force and was not done properly. Due to the balance of payments crisis, we needed help from the International Monetary Fund (IMF) and we agreed to the conditions imposed by them, while eliminating socialism. Both are against Indian ethos. We started with the reforms halfway in 1991,” she said. She attacked the “self-serving” UPA government for what she described as a reign of corruption and said the infrastructure and GST reforms, initiated by the Atal Bihari Vajpayee government, could not be implemented. presently.
“Since 2014, the Prime Minister (Narendra Modi) has announced a series of reforms. Our responsibility is to fix it (the economy), instead of creating fear about it. That’s why the Prime Minister prioritizes reform even though there is no number Rajya Sabha. We have managed to come up with GST, IBC and a support mechanism for agriculture. While focusing on reform, the government does not forget to take care of the needs of the common people,” FM said, acknowledging that she is not as fluent in Hindi as she is in Tamil or Telugu.
Sitharaman said the government has made some important changes, such as repealing Article 370, which has been a key requirement since the Jan Sangh days.
“The political parties do not remember that Nehru said that Article 370 is not permanent and Conference didn’t touch it. As a result, Jammu & Kashmir’s economy failed to improve. The money has gone, like to another state, but the development is disproportionate. Women are not entitled to the same rights,” she said. She also said the government has proceeded to cancel the investment in Air India, which has been operating for several years, despite growing losses.





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