Asserting that the current growth rate in India is seemingly below its potential, Union Finance Minister, Arun Jaitley lashed out at the unrelenting opposition to the government’s measures stating that the lack of reforms were ‘hurting India’s credibility’.
Delivering the inaugural Suresh Neotia lecture, the minister did stress on the necessity to avoid policy diversion through unwarranted populist tactics as well as the overall improvement in the quality of politics.
Speaking about Vision for India 2020, the minister claimed that the period between 1970 and 1990 were wasted decades attributing those failures to the successive Congress regimes ‘penchant for regulation’.
Jaitley did observe that within the political spectrum, the support for reforms has been on a rise and the need of the hour is for India to speak largely in one voice in order to maintain the growth momentum so as to project the country’s capability of achieving its stated goals to the outside world
The minister laid emphasis on the next session of parliament, stating that any reforms that matters to the growth of the country must be implemented in order to establish the country economic credibility to maintain our growth momentum.
Indirectly taking a jab at the opposition members, the finance minister said that such obstructionist measures invites public outcry and would only boomerang at the detractors with an already declining seat share in the parliament.
Amid the global meltdown, India has been referred to as the “sweet spot”. With improvement in rural demand and faster growth in manufacturing sector the country has the potential to achieve a growth rate in excess of the current 7-7.5 percent.
In order to achieve these objectives the quality of politics must be improved, said Jaitley. He also spoke about the proliferation of caste based and family based political parties and took a dig at the CPI-M led left parties stating that the two revenue deficit states, Kerala and West Bengal had the economic policies of the left parties as the commonaly.