New Delhi: Niti Aayog Vice-Chairman Rajiv Kumar on Saturday said the government will address the factors to ease doing of business, which he said is necessary to stem the declining trend in economic growth. Kumar, who was last week named Vice-Chairman of the policy think tank of the government for a second term, said the government is likely to unveil a policy in the forthcoming parliament session to ease the restrictive labour laws. “However, India will not have a hire and fire policy,” he said. “You will see action on labour policy in coming parliament session,” he said in an event held by Indian Chamber of Commerce in New Delhi.
Kumar said access to capital in the country is free while land is an issue on which states need to do a lot to build trust with industry. He said the upcoming five years would set the foundation for India achieving the position of the second biggest economy by 2047 and insisted that private investment has to lead the way for the next phase of growth.
Sharing insights on the Indian economy and his vision for the next phase of growth, Kumar said the government is open to ideas and will ensure more ease of doing business to facilitate higher private sector investment, which has been unfortunately on the decline for the past few years.
