Private Sector Is Unable To Cope-Up With The Speed Of Reforms, Says Amitabh Kant
Referring to the big bang reforms in last one year including demonetisation and the introduction of goods and services tax, NITI Aayog CEO Amitabh Kant asks the private sector to gear up. “People on the other side of the fence challenge bureaucracy to accelerate growth and accuse the government of being too slow. I think the private sector and industry is now unable to cope-up with the speed of reforms while they were the one asking for them since many years,” he said.
The government has a long-term vision and the objective is to grow rapidly. “We cannot become a dollar ten trillion economy when half of the economy has black (economy)…We cannot grow with several layers of taxation…We have made structural changes with the vision of next two to three decades.”
Kant also said that people are fed up of sloth and lethargy and they expect the bureaucracy to speed up reforms even if they cause disruption. “We need to bite the bullet. We need to take tough decisions if we want to grow at 10 to 12 percent instead of mere 7 percent,” he said.
Kant on Wednesday had also said that despite a little bit of dip in the Indian economy, it is now bouncing back. “We’ve been growing at 7.6%... There has been a little bit of dip in the economy but we are bouncing back. This month’s figure seems to be good,” Kant said at a public dialogue organised by St. Stephen’s College Alumni Association.
