Make in India Awards: Structural shift in financing of Indian economy, says Jayant Sinha

Minister of State for Civil Aviation Jayant Sinha today said that there has been a structural shift in how the Indian economy gets financed which doesn't get reflected in the old accounting system.

Speaking at second India Today Make in India Emerging Entrepreneurs Awards 2017 event in New Delhi, Sinha said there has been some reports in the media that credit growth has been slow.

But, he said, debt financing is also happening. He gave the example of India's aviation sector where new planes have been ordered but financing has been through the traditional way - sale leaseback model.

WHAT JAYANT SINHA SAID:

• Credit for small funds are available through a range of mediums for small and medium enterprises.
• Job creation comes from creating thousands of smaller firms and then helping them to scale up.
• Sinha said the government has simplified rules and regulations in different sectors and made it possible to raise capital.
• He said capital is now much more freely available than it was in the past because of reforms and ease of doing business.
• The real secret to job creation is through entrepreneurship: Jayant Sinha said adding that the government is supporting entrepreneurship and innovation.
• Jobs are happening and will continue to happen, Sinha said.
• On the crucial issue of NPAs, the minister said banks are taking responsibility but when you take a loan the onus is on the borrower.

Also read:GST will fulfill long-pending dream of one nation, one tax: Jayant Sinha