Nirmala Sitharaman said the government’s efforts last time were thwarted by the poor numbers in the Upper House.

“…I am sure we will now show the commitment for reforms happens fast. That is where the mandate given to Modi 2.0 will help,” Ms Sitharaman said, speaking at The Indian Express’ ”Adda”.

“We will push forward with those reforms which have missed the bus last time, but won’t miss the bus now,” the minister asserted.

When asked whether economics has trumped politics in the recent elections, she it is not possible for any political party, particularly those in power, to delink any subject.

“It is not possible for any government, be it at the Centre or in the states, to say give me your vote on nationalism and I do not want to talk about economic issues.

Is the voter going to be indulgent enough to say ”alright, the prime minister doesn’t want to talk about economy so we won’t talk about the economy”,” she said.

Hitting out at those who blocked government from carrying out reforms in its first term, she admitted that the numbers were limited (in the Upper House) and the country paid the price for that.

She said the manufacturing sector competitiveness is still pulled down by “extraneous” factors such as high cost for land, electricity and also changes in land use, which are beyond the ambit of individual companies, but which the government now wants to ease them all.

“Everything has a long way to go in terms of becoming actually easy to do business,” she said. With dozens of companies leaving China and opening shops in other emerging countries like Vietnam and Bangladesh following the US-China trade wars, Ms Sitharaman said the government has created a list of potential players who will be tapped and added that some conversations are already on in this regar

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“It (India) is one of the fastest growing (economies) even today. It has the best skilled workers and a government that is continuously doing what is required in the name of reforms, above all democracy and rule of law,” Ms Sitharaman said.

Responding to a question on why investors should allocate funds for India, she said that even if the court system is a bit delayed, India is a transparent and open society. The rule of law works and a lot of reforms happening she said.

“So you will not have anything better… democracy-loving, capitalist-respecting environment… in India,” Ms Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry or FICCI 

She said the government needs to understand what the expectations of the insurance sector are other than removing of the cap.

Ms Sitharaman said she would be quite open to it and they could send her the details. The Union Finance Minister, however, said she will not be able to give them an assurance at this point of time, but will work on the matter.

Asserting that the government is engaging with everyone and there is no trust deficit with the corporate sector and investors, she said there is a greater understanding that this government is willing to hear and wanting to respond.

The government is committed to maintaining fiscal deficit in India, she said.To a question on the slowdown in the Indian economy, the Finance Minister said the government is taking steps to discuss problems in the “stressed” sectors.

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