-
Power minister Piyush Goyal wants regulators to work with policy makers
Union Power minister Piyush Goyal said the impact on growth due to demonetisation was temporary and assured that buoyancy would return to the Indian economy soon.
Goyal was addressing a seminar at the Vibrant Gujarat summit in Gandhinagar.
“We had said this since day one that there will be some problem, and even GDP may go down. In a country where 25-30 per cent of the economy is informal, GDP is bound to be affected,” he said.
The Centre has been under constant attack from the Opposition and economists since Prime Minister Narendra Modi on November 8 announced that Rs 500 and Rs 1,000 currency notes shall be discontinued from the circulation by the end of 2016.
The government insists that the step was taken to control black economy and terror funding in the country.
Goyal criticised the Opposition and made a veiled attack on West Bengal. “In the entire country, there is only one state, which despite two years of persuasion by central government, has not yet agreed to join the 24/7 power-for-all,” he said.
He stressed on transparency in the regulatory process, insisting that policy makers and regulators must work together.
“Regulators should be open about their working. Orders should be available in public domain so that others can benchmark their business processes to whatever is decided by regulators,” he said. He also stressed on the simplicity of regulations so that the common man could understand the process better.
Earlier in the day finance minister Arun Jaitley said in a separate event in Gandhinagar that the government has been working towards ease of doing business. Several steps are being taken to ensure that.
Many foreign investors have been demanding that the Indian government eases the regulatory environment in the country. To some extent, the current government has been able to do so and big ticket litigation in taxation, especially around transfer pricing, have come down drastically. Lac Edwards Authentic Jersey
Share This
