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Economy has entered into consolidation phase: Jaitley

Finance Minister Arun Jaitley says this phase of “consolidation” will be led by the micro, small, and medium enterprises (MSME) sector.

business Updated: Feb 03, 2018 17:25 IST
Indo Asian News Service
Indo Asian News Service
Indo Asian News Service, New Delhi
msmes,micro small and medium enterprises,CriSidEx
Finance Minister Arun Jaitley speaks during the launch of CriSidEx, a sentiment index for micro, small and medium enterprises developed by CRISIL and SIDBI in New Delhi on Saturday. (PTI)

Finance Minister Arun Jaitley said on Saturday that the economy has entered into a phase of consolidation after a series of “structural reforms” initiated in the past two years.

“... Having gone through a series of very major structural reforms in the past two years, this now also is a phase for consolidation as far as the economy is concerned,” Jaitley said in New Delhi.

According to Jaitley, this phase of “consolidation” will be led by the micro, small, and medium enterprises (MSME) sector.

“The health of this sector [MSME] is extremely vital to the economy and we are increasingly seeing that with a number of steps taken an increased integration of the sector into the formal economy itself,” he said at the launch of “CriSidEx” which is India’s first sentiment index for the MSEs developed jointly by Crisil and Sidbi.

“... This is one sector, where people not only exhibit their entrepreneurial skills, become part of large value chains, but they also become job creators in the process and that’s the reason why a bulk of the jobs in manufacturing, trading have been credited in this particular sector.”

CriSidEx is based on a diffusion index of eight parameters, and measures MSE business sentiment on a scale of “0 (extremely negative) to 200 (extremely positive)”.

First Published: Feb 03, 2018 17:21 IST