No need of fear on Economic crisis, says BJP leader

No need of fear on Economic crisis, says BJP leader

Agency News

New Delhi, Sep 9 : The economic challenges could be a reality but there is "no need for fear mongering" and in the past too, India has overcome such hurdles, senior BJP leader and MP Dr Vinay Sahasrabuddhe said here on Monday.

"I will say, there is no need for fear mongering....," Dr Sahasrabuddhe told reporters here releasing a report '100 Milestones in Hundred Days' prepared by a pro-BJP think tank Public Policy Research Centre. The Modi government for the second term in a row was sworn in on May 30, 2019.

"In the past also there are examples of India overcoming these challenges. Be it 1989-90 situation or even much after that when the entire global economy had backtracked in a way; India has huge resilience power and could put the right balance in situation," he said.

Listing out the achievements of the Modi government in first 100 days of its second term, the senior BJP leader said - "unlike the past...this government has the unshakeable political will and the clearest evidence of this was the abrogation of Article 370 and the reorganization of Jammu and Kashmir in the two union territories".

"Not only this action has broken the mental barriers and unite the people of India; but this move has also unleashed opportunities for the growth and development of the region," he said. Answering questions on the economic front, Dr Sahasrabuddhe said - "The government ushered in a slew of reforms to encourage Foreign Portfolio Investments(FPI)....Among others, the braodbased eligibility criteria for FPIs has also been done away with and even the KYC procedures to improve market access for foreign investors including FPIs have been simplified".

Sumeet Bhasin, a director with Public Policy Research Centre, said simplification of KYC norms for foreign investments has helped as people in the past were skeptical' about KYC norms. "There are factors and the government has addressed those factors....," he said.

The report also states that the government is proactively initiating the reform agenda. "The massive reform of the banking sector to initiate mergers to form 12 public sector banks from the previous 27 will also unleash the potential of India's banking system to improve the quality of governance," Dr Sahasrabuddhe said.

He also said consolidation of KYC norms will facilitate easier inflow of investments. "This step is not an achievement. We may call it a milestone and a landmark. We have underscored that this is an important step and the achievements may come only in the long term". (UNI)