New Delhi: There is a need to study the ‘growth story and recent developments in China’ and even ‘better the Chinese model,’ Union Finance Minister Nirmala Sitharaman emphasised during the three-day Chintan Shivir of the Ministry of Finance and Ministry of Corporate Affairs that concluded in Kevadia, Gujarat, on 22 August.
“While India cannot and should not emulate China, it can learn a lot from its growth journey and how we can adapt it to the Indian situation, perhaps even better the Chinese model,” reads the minutes of the meeting.
The Finance Minister chaired the Chintan Shivir in the presence of Union Ministers of State for Finance Pankaj Chaudhary and Dr Bhagwat Kisanrao Karad. The programme was attended by senior officials of the Finance Ministry and the Ministry of Corporate Affairs.
Sitharaman pointed out that the Finance Ministry should “study more on how to reduce dependency on the import of gold (~800 mt annually) so that the burden on import bills can be reduced. Since customs duty as a tool does not deter smuggling, FinMin can deliberate on how to conserve the forex resources being spent on the import of gold.”
The Finance Secretary, Secretaries from D/o Economic Affairs (DEA), D/o Investment and Public Asset Management (DIPAM), D/o Revenue (DoR), D/o Financial Services (DFS), and the Ministry of Corporate Affairs, the Chief Economic Advisor, the Chairman of CBDT, and CBIC were also part of the deliberations.
The Finance Minister also “nudged the officers from MoF/MCA (Ministry of Finance and Ministry of Corporate Affairs) to ponder over those aspects where government should step back and let the players come up with the policy formulation.”
“A case in illustration is where regulators lay out the broad outcome and leave it to players to come up with the formulation that is best suited for their sector. This can ensure that stakeholder interests and views are automatically addressed,” she pointed out.
Sitharaman also urged the officers to go beyond their normal roles and make an extra impact on other domains as well so that synergistic thoughts emerge, which can be useful for the overall ministry.
During the meeting, she also advised the officers to optimally utilise the vast pool of resources and experience at their disposal in the government. “The Finance Minister underlined mentoring of young generations to embellish efforts in the march toward Viksit Bharat of 2047 in the Amrit Kaal,” read a statement issued by the Ministry.
The Finance Ministry said that Sitharaman urged the senior officers of MoF and MCA to continuously mentor the new entrants and younger colleagues to develop the wherewithal to deliver results in the Amrit Kaal and beyond, making Viksit Bharat by 2047.
“The Union Finance Minister also emphasised on the need to continuously reorient policy in the cultural context and to instill a sense of ownership in decision-making, to enhance effectiveness with efficiency,” the Ministry added.