ET GBS: Government must undertake reforms in education, healthcare, says Times Group MD Vineet Jain

The government must undertake urgent reforms in education and healthcare to make it easier for the private sector to participate in these areas and deepen the reform process that was initiated in 1991, Times Group Managing Director Vineet Jain told the power packed audience.

Noting that these two areas were largely untouched by structural changes in the economy since 1991, he said India had the potential to be growth engine of the global economy and urged the government to press ahead with reforms.

“Among the global investing community, there is increasing acceptance of the fact that India stands apart from large emerging economies. In the language of the markets, it should be a separate asset class,” he said to applause from the audience that included the prime minister, top ministers, CEOs and diplomats.

Jain said India’s economy was expected to grow 7-7.5% this year, the second straight year of 7%-plus growth, making it the world’s fastestgrowing major economy.

He said government spending was starting to generate improvements in investment cycle, with the road sector leading the way, and the power, coal, railways and defence sectors set to be future growth drivers.

Jain also called upon the government to seek and find political consensus to ensure the speedy passage of crucial legislation that could bring to life the Goods & Services Tax and a Bankruptcy law.

“We hope a political consensus can be arrived at quickly, so that there’s no further delay in its ( GST’s) implementation… We have to modernise outdated rules that make liquidation a long-drawn-out process that results in pain all round,” he said.

' Praising Prime Minister Narendra Modi for leading “from the front” and being a “vigorous and energetic ambassador” in showcasing India as an investment destination to the world, the Times Group MD said next month’s federal budget announcement was a good opportunity to signal reforms. “The budget… will, I am sure, lay down markers for the government’s economic plans going forward,” he said.