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Finance Minister Nirmala Sitharaman has vehemently dismissed accusations of policy reversals, assuring the public that the government remains committed to bold reforms and has not backtracked on any key policy announcements. Speaking at the News18 India Chaupal event, she emphasized the government’s commitment to implementing reforms that are both systemic and people-friendly, highlighting their focus on a long-term vision for India's development.
Sitharaman's response to allegations of a 'U-Turn' government is a strategic move to address public concerns and reinforce the government's commitment to its reform agenda. The government has indeed implemented several changes since coming into power, and addressing these concerns about policy consistency is crucial for maintaining public trust and ensuring successful policy implementation.
One of the key reforms that Sitharaman highlighted was the evolution of the pension system, with the Unified Pension System (UPS) replacing the Old Pension Scheme (OPS) and the New Pension Scheme (NPS). This move has garnered support from federations of government employee unions, who view it as a crucial reform that will impact government finances for the next two decades. The UPS is expected to bring stability and sustainability to the government's pension liabilities, ensuring that future generations of government employees are financially secure.
Sitharaman also discussed the government's economic initiatives, pointing to the success of the Vishwakarma Yojana, which has already enrolled 22 million beneficiaries. She announced that the budget includes five training and employment schemes, designed to benefit 10 million people over the next five years. This signifies the government's focus on creating employment opportunities and enhancing skills development, vital for a thriving economy.
For MSMEs, the government has outlined eight reformatory steps, including provisions for non-collateral loans. This move addresses the long-standing concerns of MSMEs regarding access to credit and aims to facilitate their growth and contribute to overall economic prosperity. By easing access to finance, the government hopes to empower MSMEs and support their crucial role in the Indian economy.
Sitharaman's emphasis on public feedback and the responsiveness of the government to concerns is a positive indicator. She pointed out that amendments to the budget and bills have been made based on public feedback, illustrating the government's willingness to listen and adapt to public sentiment. The changes to indexation in long-term capital gains (LTCG) tax, giving assessees a choice between LTCG with or without indexation on property, are a prime example of this responsiveness.
Source: FM Sitharaman dismisses 'U-turn' allegation, promises bold reforms