DIPAM Secretary Arunish Chawla on Monday said the government is striking a "balanced" approach to supporting the economy, combining GST reforms, direct tax relief and steady public investment.
Speaking at Network18 Reforms Reloaded in New Delhi, he noted that a third of the annual public investment target had already been met by July thanks to frontloaded reforms.
In discussion with CNBC TV 18 Managing Editor Shereen Bhan, Chawla said public investment through budgetary support has remained on target, with 33% of the year's goal achieved by the end of July. He also highlighted the democratisation of capital markets as a major reform, noting that despite recent nervousness, two-thirds of domestic institutional investors (DIIs) are individual investors.
From January to August, while foreign institutional investors (FIIs) pulled out Rs 1 lakh crore in net terms, DIIs invested Rs 5 lakh crore.
Reforms Reloaded Live Updates: CEA Nageswaran, Amitabh Kant, Nilesh Shah other top policymakers join to map India's next phase of growth
"As markets stabilise, we will bring in more OFS (offer-for-sale), minority stake sales, a few IPOs and speed up the journey," Chawla said, adding that the government is confident of exceeding the disinvestment target of Rs 47,000 crore this year.
"We are in a phase of growth convergence," he added, urging against an obsession with headline figures. "If we can grow relative to global growth, we should be thrilled."
As the revised Goods and Services Tax regime kicks in from September 22, a major shift in how businesses operate in India, how consumers make their purchases, and how investors view these changes is underway.
To decode the reform and its impact on end consumers and conglomerates at large, the event brought together some of the nation's most influential voices from government and policymaking to examine the impact of the GST reform and the opportunities it unlocks.
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