India is heading for an economic slowdown.
One of the reasons for the slowdown, as per Amitabh Kant (NITI Aayog CEO) is that India has had too much of reforms — GST, IBC, RERA.
A huge set of reforms which we have undertaken and I think the next round of reforms must revolve around sectors like oil and gas, mining, coal. We must commercialise coal mining, railways and they will really drive the growth in India, says Amitabh Kant, NITI Aayog CEO.
Firstly, you need to bring in greater levels of liquidity.Amitabh Kant, NITI Aayog CEO at Bloomberg Event/via
Secondly, you need to revive the animal spirit of the private sector, you can never create wealth without the private sector.
Thirdly, the government needs to get out of business in a range of areas and you need to recycle a lot of government assets such as roads.
We have done this with airports. Gas grids, gas pipelines, transmission lines should be privately-owned. NITI Aayog has recommended a vast range of public sector for privatisation. Once we have private sector coming in, bank credit will start flowing in and this is critical. Fourthly, we must push for major structural reforms as we did earlier.