“We have taken a lot of decisions which have strengthened India’s economy. Many times, questions were raised about this. Today, after a decade, we are witnessing the results of the decisions taken by the government in the past one decade,” he added.
Citing measures such as the unified payments interface, digitalisation, the Pradhan Mantri Jan Dhan Yojana, direct benefit transfers and the rollout of goods and services tax, he said the government had “connected a big segment of our society with the system” while reducing leakages and corruption. “We have simplified the economy with GST. Despite global challenges, India is still the fastest growing economy of the world,” he said.
FTA and Farmers’ Concerns
“We have signed the FTAs, which have been pending for many years. The deal with the US can strengthen our system and open new markets for Indians,” he said, adding that such agreements would expand export opportunities.
Over the years, India’s exports have increased, he said, adding that the new agreements would push them further.
Addressing concerns about the potential impact of the US deal on agriculture and dairy, Paswan offered a categorical assurance. “We are also elected representatives. We must face the electorate after three years. Can any government think against the interests of farmers, who are the largest segment of the population? Can it compromise with the interest of the farmers? It cannot and it will not. I assure this on behalf of our Prime Minister,” he said.He added that the government was working to bring agriculture and dairy further into the organised sector through backward linkages and farmer producer organisations.
“If our reforms and policies were not right then we would not have seen growth in every sector. We have done it,” Paswan said, adding that the government had laid out a vision for the “second quarter of the current century” in the recent budget.
He said the aim was to build a system in which foreign companies view India not only as a large market but also as a manufacturing base.
“Swadeshi means involvement of investment and sweat of Indians. We are speaking about strengthening the manufacturing system for the biggest foreign companies,” he said. “Global brands are excited about setting up their manufacturing units, starting research and development centres and to invest here in India.”
Highlighting policy continuity, he said: “Three terms of the same government and the same Prime Minister is not an ordinary thing. One finance minister presenting a budget continuously for nine years under the same Prime Minister shows our stability and continuity.”
“Global investors look for stability in policy, and it is our big strength. We are marching ahead with a lot of positive energy,” he said.
Paswan said reforms were aimed not only at improving ease of doing business but also ease of living for ordinary citizens.
From Volume to Value
Stressing India’s agrarian character, Paswan said policy focus had shifted over the last decade from “volume” to “value”.
According to him, farmers often resort to distress sales due to a lack of capacity to hold. Processing, increasing shelf life and value addition can increase the holding capacity of farmers, he said, adding that the food processing industry could also reduce wastage of perishable items such as fruits and vegetables.
“We have the potential and the capabilities to project us as the global food basket,” he said, noting that India had both abundance and volume not just for domestic self-sufficiency but also for other countries’ food security. However, “we have tapped a negligible part of our potential”, he said, while pointing to efforts to take processing units to rural areas to bridge the rural-urban gap.