AMN / SINGAPORE
Finance Minister Arun Jaitley today said that India’s economic slowdown has bottomed out and now it should start moving upwards after recovering from the “temporary blip” seen during the recent structural changes,
Addressing investors at the Morgan Stanley annual conference in Singapore on ‘India: Structural Reforms and Growth Path Ahead’, Jaitley talked about the “massive” economic reforms undertaken by India.
The finance minister also assured investors of a strong banking sector in India.
He also clarified the often over-stated labour issues, saying these were no longer there as the negative environment of disruption of industrial activity is long over.
He said the labour laws are being fortified by taking the unions into consultation, and there has not been any significant labour resistance in recent times, whether it is disinvestment or privatisation.
Responding to questions from investors, he said among the privatisation of public sector units (PSUs), Air India is in a very advanced stage while some of the PSUs will be kept as they are.
Jaitley, who is on a two-day visit to Singapore, held meetings with Singapore ministers and investors.