)
Finance Secretary Arvind Mayaram has said the need of the hour is to increase reforms to counter a tapering Indian economy.
Interacting with media here, Mayaram said: "Tapering (of the Indian economy) will happen someday. So, therefore, I had also earlier said we will need to continue to strengthen the economy through a deepening of reforms, and, that is something which the government has been doing. Large numbers of decisions have been taken which are structural reforms."
"The government's objective always is to incentivise growth. So, whatever incentivises growth, is something that the government would really hope for. But ultimately, it is the decision that the governor will take, considering the macroeconomic situation, and then, we will need to see what..." added Mayaram.
Of late, the Indian currency had experienced a plummet of reaching over 68 rupees at par with the US dollar which in turn affected the Indian economy.
Coupled with these developments, the surging price of crude oil too had prompted the government owned petroleum companies to hike the retail price of petrol, diesel and natural gas products.
All these contributed to unbearable inflation for the common man.
