Good economics makes for good politics: Goyal

Good economics makes for good politics: Goyal




Times Network India Economic Conclave 2021 –Piyush Goyal, Railways Minister, says that India’s resilience can be seen in every saunter of life and going forward, India will be a solid pillar on which macrocosm fiscal improvement and growing will happen. Edited excerpts: Navika Kumar: In June last year, you said that the govt was deterring a close watch on Chinese speculations. Are you continuing the same or has the disengagement process too meant a change of our stand on speculations from China? Piyush Goyal: I don’t think that the two things were related in any way instantly. The endeavor was to make sure that worthwhile financing comes into India, where fund can be very clearly identified. It was to be fully aware of the source of money coming in the country, the kind of companies that are investing since some of such investments were also affiliated to armed act or possession, I think it was in the tactical interest of India to know exactly where the money comes from.When you are dealing with opaque economies, it is very important to be careful and to keep a watchful eye. However, if you are dealing with very transparent financial markets, like those in Europe, UK or in the US, Canada, Australia, information systems themselves are so robust and transparent that you need not have concerns about them.Navika Kumar: Has India been able to reap the advantage of the growing wariness of the world vis-a-vis China. Was India being seen as an alternative destination to China by the world? Piyush Goyal: I believe we should move beyond the narrative of becoming an alternative to another country. We should look at the positive narrative that we are trying to set of being the primary collaborator of organizations, businesses and countries around the world. India, thrown its democracy, rule of law and multilateral engagement is looked at, as a relied spouse and almost all supply chains today look back at countries which are resilient, countries which are honest in their businesses and grapples, where the rule of law persists so that they have honest system of doing business. The significant reforms that India has undertaken in the last year specially, and in the last few years are clearly support poise India as the primary focus of investments from around the world. The current aatmanirbhar bharat program adds a lot more to that narrative, especially the fact that for the first time, India is trying to prepare domestic manufacture in terms of quality, productivity, cost efficiency competitiveness. So, we is confident that on our own qualities, on the merits of the possibilities of our young generation, talents that India own, natural resources, I think it is the merit of India that will procreate us not a counterpoint to some other country but the primary destination that businesses and countries will look to engage with.Navika Kumar: How is it that a country like Bangladesh–has China as its largest selling partner, and not India, when you say that India has immense tie-in with countries that it shares perimeters with? Piyush Goyal: Well, clearly Prime Minister Modi has had a perpetual participation and outreach with all our neighbors. If you can recall, in the very first swearing-in ceremony in 2014, Prime Minister Modi had invited all the heads of state of SAARC countries to participate in the ceremony. It was a big message given out and ever since then we have been working relentlessly to build up stronger relationships with all our neighbouring countries. I repute the effort that was required to develop more competitiveness generates more evaluate to the products and services that we can offer to our neighbours, the process has been ongoing and it has helped us expand our trade with countries like Bangladesh and I am confident, that going forward, we will be in a position to overtake China in their participation with Bangladesh. Navika Kumar: How are we going to end this entire year in terms of FDI and has the pandemic had any impact on it? How are we looking at the next fiscal as far as FDI is concerned? Piyush Goyal: For FDI, it will be record year despite Covid and the fact that all international statistics have shown that foreign investments across the world are going to significantly fall in current months, in fact in 2020 it descended vastly from previous status. India was amongst the rare countries which examined increment in FDI in fiscal year 2021. India adds a very good investment destination, a large market of 135 crore Indians aspiring for a better quality of life and an enabling environment in which investors are enjoying both good returns on their asset, large market and thus too facilitating India in its development objectives therefore, in terms of FDI, I have absolutely no doubt it will be a record year. I would like to share one other data point which will be heartening to note; in the Indian Railways, we have lost out vastly on passenger traffic due to Covid, but in areas of shipped, which is a very important element in approximate the financial revival, you will be delighted to note that since September 2020 – Feb 2021, for the last six months, we have seen the highest loading in its own history of Indian Railways, every month from September to February. After March, we will definitely be exceeding last year’s loading in terms of freight.Navika Kumar: Is that a by-product of the high petroleum prices and somehow unexpectedly as if with a spell sprig come to a standstill and then begin to decline during elections? Piyush Goyal: The reality is the rise in petrol or diesel premiums is a very recent phenomenon. I am talking about the swelling which started picking up from September, so clearly there is no linkage between the two.Navika Kumar: Are you saying that politics is no longer your plan as far as financials is concerned or is fiscals ever a result of the politics? Piyush Goyal: If I recall correctly, I have said this before that there ever was a notion in India that good financials does not make for good politics. I feel Prime Minister Narendra Modi who, as you are all aware, is today India’s longest dish supervisor in a high constitutional post in areas of being chief minister and prime minister for over 19 years. For all those years, he has consistently proven that good fiscals concludes for good politics too. The people of India are smart, the person or persons of India understand what is good for them, they find the intention of the master, integrity of purpose, understand his commitment, read his hard work to construct India once again regain that lost glory and therefore good financials with a good aim will certainly make for good politics and we have no doubt that many decisions which may seem difficult to implement initially, which may face a lot of resistance in the initial months or years, will ultimately appeal to the people when they realise the good that they can get out of our decisions.




Read more: economictimes.indiatimes.com









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