The government, the Minister said, is working very hard on pushing public investment and has provided Gross Budgetary Support to infrastructure projects.
A day after rating agencies Moody's and Fitch expressed concerns over the economy and the business environment, the government on Wednesday said that India is a bright spot and has put in place a "very robust" macroeconomic foundation for growth in the coming years.
The country, Minister of State for Finance Jayant Sinha said, is prepared to deal with the aftermath of the Greek crisis.
"We have been able to put in place a very robust macroeconomic foundation for growth going forward.
Macroeconomic indicators were very very toxic.
"Despite the global volatility that we are seeing right now, India is a rare bright spot. So, we have addressed underlying macroeconomic instability that we had. We have put in place road map of reforms," he said at an IVCA (Indian Private Equity and Venture Capital Association) event here.
Elaborating further, the minister said that the government will focus on executing three important agenda -- banking reforms, GST and macro-economic stability -- in the remaining 3-4 years.
"Now our focus has shifted very much to execution agenda for remaining 3-4 years. We will have to push this forward. We will have to focus on execution agenda," he said.
on Tuesday, global rating agency Moody's raised concerns about policy stagnation and "some disappointment" over the pace of reforms under the Modi government. Another agency Fitch, lowered India's growth forecast to 7.8% for the current fiscal citing country's weak business environment compared to its peers.
Sinha said the finance ministry has entered into a landmark agreement with RBI on monetary policy.
He noted that the macroeconomic stability as far as our execution agenda is concern is very important.
The government, the Minister said, is working very hard on pushing public investment and has provided Gross Budgetary Support to infrastructure projects.
Sinha said the government will provide significant boost to domestic capital investment fund.
"We have to set up domestic alternative investment fund and because my own thinking is that if we will have domestic alternative investment fund then we will have more Indian products," he said.
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