India needs strong, decisive govt to take swift decisions, maintain high growth, says Arun Jaitley
Outlining the challenges for India, Arun Jaitley said being a net buyer of oil, a rise in global crude prices adversely impacts the country and hence the economy has to be resilient to deal with it.
New Delhi: Finance Minister Arun Jaitley on Tuesday said India needs a strong and decisive leadership at the Centre to continue its high growth path and take swift decisions.
Outlining the challenges for India, Jaitley said being a net buyer of oil, a rise in global crude prices adversely impacts the country and hence the economy has to be resilient to deal with it.
"If this path of high growth trajectory is to continue...if this higher growth, higher revenues and higher resources have to continue, better infrastructure objective has to be achieved, India needs a strong and decisive leadership at the Centre.
"A weak leadership, within days of the crisis, could not have handled IL&FS the way the present government did, and therefore a crisis in the making was handled with swiftness," Jaitley said in his address to the AGM of industry chamber Assocham.
Debt-ridden IL&FS and its group companies have defaulted on loan repayments, following which the government superseded its Board by appointing eminent banker Uday Kotak as its Chairman.
Talking about the political challenges facing the country, Jaitley said these are thrown up by unstable coalition and aspiring politicians, who want to acquire the top place.
"Therefore, today what India needs is not individuals with lack of understanding of policies, lack of understanding of directions or inherently unstable coalition, but a government and leadership with absolute clarity about the direction so that this unique position which IMF refers to as a sweet spot in the world, this sweet spot we continue to occupy for the next two decades," he said.
Jaitley said if India continues on a high growth path, then the country can get rid of poverty and can become a developed country.
"You need a decisive government, you need a government which has a coherent policy and is absolutely clear in the direction you have to move, and you need a government which is not dependent on those who would try to pull the government down by their strategies," Jaitley said in his video conference address.
Indian economy grew at 8.2 percent in the April-June quarter of current fiscal. It grew at 6.7 percent in 2017-18 fiscal.
Stating that domestic policies of certain countries have spillover effects on India, Jaitley hoped that such effects will not be everlasting and are transient in character.
"As a fast-growing economy we have the capacity to face these challenges," he said.
Jaitley said global oil prices have risen on account of "artificial shortages" and it has adversely impacted India. India imports 83 percent of its oil needs.
"Therefore we have to face that challenge by making our economy so resilient itself that we have the capacity to bear that challenge," he added.
Lauding tech entrepreneurs, the RBI governor said the country has emerged as a top performer in the startup landscape, attracting billions of foreign capital
Exploited for generations, tea garden workers struggle for land rights in Darjeeling hills, Terai, and Dooars
While tea ensured economic well-being for the Brit enterprises, it spelt doom for the local tribes
How Modi government is unshackling debt market to help India navigate the post-Covid-19 economic landscape
The Centre’s decision to widen and deepen India’s debt markets is perfectly timed to give the country the much-needed growth momentum