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Sustainability an important decision-making factor in govt, corporate world: Piyush Goyal

Sustainability has become an important element of decision-making both in the government and the corporate sector of the country, Union Minister Piyush Goyal said on Thursday. Sustainable development will further enhance the scale and speed of growth in the years to come, the commerce and industry minister said.

He was addressing a virtual international conference organised by the Institute of Chartered Accountants of India (ICAI).

Goyal further said the present situation provides a unique opportunity to redesign, reinvent and realign various practices and processes.

“While doing so, sustainability is the restrain that must guide our plans, decisions and actions for the future,” Goyal emphasised.

Under the mission of ‘Aatmanirbhar Bharat’, India is progressing rapidly to become a hub of manufacturing and expand its role in the global economy, he said. This is not possible without strengthening the ecosystem of MSMEs, the minister noted.

“India is going through a series of radical reforms which is changing our mindset to alleviate our actions, ambition and aims,” Goyal said.

Echoing the views, Minister of State for Finance Anurag Singh Thakur said, “Prime Minister Narendra Modi’s economic strategy of Aatmanirbhar Bharat is not only aimed at self-reliance but also sustainability across sectors.”

In 2014, when the Modi government came to power for the first time, it inherited an economy which was part of the ‘Fragile Five’ global economies and foreign investors were pulling out funds from India, he said.

“However, in the last six years, we have consistently introduced reforms that have brought about significant change and now all indicators from inflation to fiscal deficit, from forex reserves to current account deficit, from GDP growth to financial inclusion, all point to very stable and sustainable economic position,” Thakur added.

He further noted that a digital highway has been laid for growth of the banking and financial sector by taking up the task of connecting India’s 6 lakh villages with optical fibre network.

“In the past three years, 1.5 lakh gram panchayats have already been connected and rest of the 1 lakh gram panchayats will be connected within next 12 months,” Thakur said.

India can achieve double-digit growth through a healthy mix of digital services and manufacturing base expansion in the times ahead, he added. Hindustan Times

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