Arun Jaitley at India Global Forum told about Opportunities and challenges ahead.

Finance Minister Arun Jaitley opened the India Global Forum meeting with keynote address and talked in detail about the opportunities and challenges ahead. (Image source – PIB)

Finance Minister Arun Jaitley opened the India Global Forum meeting organised by International Institute of Strategic Studies with a keynote address on the Modi Government’s economic priorities. In his address, Jaitley talked in detail about the opportunities and challenges ahead.

He started his address explaining why recent elections were not about arithmetic but about ground chemistry, “Most of the party based on caste, religion or family, as a rule, did badly. After a long time, we saw an election in India where the dominant issues were governance issue – corruption, quality of leadership, mismanagement of economy, probity.”

He acknowledged that the new Government has challenges which these new and changing trends have thrown out – How to handle nepotism, how to allocate natural resources.

He gave examples of much needed reforms which previous UPA Government couldn’t bring in because of coalition compulsions, but the new Government has done so without much difficulty – Deciding the issue of gas prices, deregulation of diesel prices.

He talked about how his government has been addressing the challenges before economy and how they will go about it in future – By eliminating discretions, addressing corruption, following the e-auction route, a reasonable and rational tax policy. “Step by step we are moving in the direction of addressing those challenges,” Jaitley said.

He further added, “We realise the greatest challenge is manufacturing sector. We have to make India hub of low cost manufacturing for which many reforms are required.”

On FDI in defence sector, he said that 5 months was enough time to change the thinking that we can’t be an importer always. “Congress Government debated FDI for 10 years, we did it in one go. It’s been welcomed. Various kinds of joint ventures Indian companies are entering into. Procurement had been paralysed, we have expedited the process.”

He mentioned smart cities and the need for change in land law which is required to build and develop smart cities.

Highlighting that many sectors like Railways, Real Estate have been opened for investment, Jaitley said, “I hope this (winter) session I will be able to pass the Insurance Bill.”

He emphasized upon the need for peace at our borders. Our first priority will be best relations as far as our neighbours are concerned. We need peace within so that insurgency can be curtailed. With this best of Indian potential can be realized. If we can do that then at a stage where growth in many countries and the large region of the world will slow down, I hope with aggressive set of reforms India can provide to the world a new leadership and direction in this matter.

Finance Minister concluded his address by saying that I hope the world now looks very positively at India as an ideal investment destination.

Courtesy Niti Central



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