Singapore, September 9: Union External Affairs Minister Dr S Jaishankar on Monday applauded the Narendra Modi government for its bold decisions to improve the economic situation of the country. He mentioned that the Union government is reforming the corporate sector, making it more accountable and responsible. Economic Crisis in Auto Sector: NITI Aayog Vice-Chairman Rajiv Kumar Assures Speedy Revival
Expressing his opinion in the panel discussion in Singapore, the EAM stated, "This is a govt that will not shy away from bold decisions. It implemented GST, biggest tax reform in decades, in the complex setting of a central govt and 29 state governments. It has repealed more than 1450 laws since 2014 and 60 since it returned to the office 3 months ago."
Apart from this, Dr Jaishankar made it clear that though the Insolvency and Bankruptcy Code, new India is reforming the corporate sector, making it more accountable and responsible. He said, "It (Narendra Modi government) has introduced Insolvency and Bankruptcy Code, a quick, transparent and market-driven approach to resolve stressed assets and release funds and productive capacity for the economy. But it is doing something more. It is reforming the corporate sector, making it more accountable and responsible."
Also, stating the benefits of this code, Dr Jaishankar said, "It will, in the long run, make it cleaner, more efficient and innovative. It will improve the ability of banks to recover loans & keep the engine of economy running." Economic Crisis Grips Auto Sector Completely, Passenger Vehicle Sales in August Dip by 31.57% Vis-a-Vis 2018, Suffer Worst Drop in Over Two Decades.
Earlier, he had criticised China for what the EAM described it as one-sided trade policies. He cast his doubt over the progress of negotiations for a pan-Asian free trade agreement. It is to be known that India's trade deficit with China was USD 53.6 billion in the fiscal year, ended on March 2019.