Dr. Manmohan Singh takes over Finance Ministry - Singh Syncs
Legal Corner Icon — the image was hosted by the publisher and was not captured.Dr. Manmohan Singh is back in the job, which he is acclaimed to be the best in. And he has sent a strong message that he means business. Yesterday, soon after taking over the Finance Portfolio, he met senior officers from the Finance Ministry and told them that reviving investor sentiment was on top of his priorities. The new FM was concerned about the way the exchange rate is going and apparently worried that capital flows are dying up. He wanted the “India Growth Story” restarted.
The stage is all set for an expert economist to take over and clean the mess and Dr. Singh fits the bill eminently. The fate of this nation depends on whether he would take full control and ensure that economic engineering takes precedence over political engineering or allow things to drift, in the next two years. In 1991, he changed our destiny and destination. Twenty years later, he has another opportunity and we need him now more than we did in 1991.
Dr. Singh told the officers,
I am happy to meet all of you in a new context with me looking after the Finance Portfolio once again. Apart from a brief spell in 2008, I have been away from the details and nitty-gritty of Finance for a long time.
Therefore, I depend on all of you to give me sound advice on not just matters relating to the Finance Ministry but all aspects of the government and the economy as a whole.
The Finance Ministry is an all-encompassing Ministry whose reach extends to every corner of the government and the nation.
The way it functions is critical for the future of millions of our countrymen who look up to the government to throw open channels for their progress, prosperity and welfare. Therefore, the Finance Ministry has a vital role in evolving economic policies, which are conducive to economic growth and the overall welfare of the nation.
At the current juncture, we are passing through challenging times economically. The growth rate has taken a dip; the industrial performance is not satisfactory; things are not rosy on the investment front; inflation continues to be a problem.
On the external front, I am concerned about the way the exchange rate is going. Investor sentiment is down and capital flows are drying up.
There are some external reasons and we need to work towards making our country resilient in meeting these external challenges. However, there are many domestic reasons as well. We need to address these quickly. We need to work to get the economy going again and restart the India growth story.
In the short run, we need to revive investor sentiment, both domestic and international
The Finance Ministry has had a glorious tradition of doing excellent work. I expect the same from you.
Let us hope the Prime Minister, as FM would bring in a welcome change in the functioning of our tax departments and that there would be more accountability and responsibility in tax law drafting.