SME Times News Bureau | 22 May, 2019
The new government at the Centre will have a ‘fairly robust’ economic
agenda and need to support fiscal integrity and reforms, Chairman of the
15th Finance Commission, N K Singh said recently.
Sharing his outlook at the ASSOCHAM National Conference on Fiscal Policy
Roadmap, Singh said "Fiscal reforms will be an important ingredient of the new
He said it would be on the wish list of any serious economist that the
"new government will put its weight behind fiscal rectitude" which is
an important ingredient of long - term growth and macro-economic stability.
The 15th Finance Commission Chairman said this after ASSOCHAM
President Mr B K Goenka, stated in his welcome speech that the fiscal
reforms would be the top agenda for any incoming government.
Addressing the ASSOCHAM conference, less than a week before results of
the Lok Sabha elections Singh said labour laws were very complex and need to
revisited along with dispute settlement and processes of land acquisition.
He said, "What is haunting us is not the absence of fiscal rules, but
the presence of compliance to fiscal rules."
Referring to economic challenges, Mr Singh said, the central worry is
revival of investment and getting the growth trajectory back. "The fact is
private investment remains muted. Need a big burst to move on
He said India has moved to a rule- based inflation target to which RBI
bound by it."I see a much happier correlation and symmetry of monetary and
The ASSOCHAM President, Goenka said the global economic scenario has
also changed significantly over the last few years. "China is leaving the
space, India has a huge opportunity to fill that gap. It will also enable us to
fulfill the huge employment demand to sustain the growth momentum".
Goenka further said it is necessary to put in place the roadmap for a
fiscal policy which is progressive and prudent, and at the same time, covers
the needs of various segments of our economy.