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No policy paralysis; India can beat economic crisis: FM
India has the capacity and the resilience to overcome economic crisis, Finance Minister Pranab Mukherjee said on Tuesday in the Rajya Sabha.
He asserted that there is no policy paralysis in the government.
However, Concerned over the economic slowdown, Mukherjee said that the government will make efforts to build broad consensus on reforms as the economy has elasticity to overcome the problem.
He said questions have been raised whether the economy is going to be derailed in the wake of IIP figures turning negative and overall growth slowing.
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No policy paralysis; India can beat economic crisis: FM
"We have the capacity and resilience to overcome the crisis," he said, winding up a debate on Appropriation Bill in the Rajya Sabha.
The industrial production declined by 5.1 per cent in October, while the rupee crossed all-time low of Rs 53.04 to a dollar.
The House later returned the Bill, granting Parliamentary approval for extra expenditure of Rs 63,180 crore (Rs 631.80 billion) for the current fiscal.
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No policy paralysis; India can beat economic crisis: FM
The finance minister said that for the economy to recover, it has to be demonstrated that Parliament and other institutions can function without disturbance.
He expressed disappointment over frequent disruptions in Parliament. "Let us not institutionalise instability in Parliament," he said, adding coalition governments have become stable since 2000.
Against the backdrop of difficult economic situation, he said political parties have to demonstrate that Parliament and other institutions function and it will have its impact on the government and confidence will return in the economy.
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No policy paralysis; India can beat economic crisis: FM
On its part, he said, "The government will not be found lacking in building consensus on broad economic policies."
Denying a perception that there is paralysis in decision making process, the finance minister said, "It is not so."
The government, he said, has taken a number of decisions which include national manufacturing policy, incentives to small industries and package to debt-ridden handloom weavers.