Economic changes don’t happen overnight, agenda for them can always be laid: Arun Jaitley

"Earlier mindset of policymakers was that just by dishing out a few favours to the affluent you can bring changes in the country’s economy,"said Jaitley.

By: Express Web Desk | New Delhi | Updated: December 7, 2016 5:38 pm
Arun Jaitley, Jaitley economy, Demonetisation, Jaitley Demonetisation, Demonetisation economy Union Finance Minister Arun Jaitley (Source: File)

Union Finance Minister Arun Jaitley on Wednesday said that India was counted among fragile five just two and a half years back with high inflation, CAD, fiscal deficit and lack of policy directive. Speaking at Petrotech 2016, Jaitley said that clarity on economic reform roadmap led to India being called bright spot in global economy. Driving economy on twin engines of higher public investment and FDI,” he said.

Pointing at India’s economic legacy, Jaitley said that economic changes don’t happen overnight, but the road map and agenda for them can always be laid. “Earlier mindset of policymakers was that just by dishing out a few favours to the affluent you can bring changes in the country’s economy. So called seven-decade normal had to be disrupted. PM had the broad shoulders to face consequences of the decision. Decision of this kind has pain in transition, which is regrettable but had been factored in,” he added.

As for Goods and Service Tax (GST), he said that most issues have been sorted out. “Only one major issue is pending and it is expected to be resolved in near future. We are hoping issue of cross-empowerment will be resolved and GST will be implemented from April 1.”

Responding to foreign investors on the state of the Indian economy, Jaitley said, “In the long term, it is headed for a very major change; culture of decision making has changed.”

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  1. J
    Jeevan
    Dec 8, 2016 at 4:19 am
    Govt is slowly putting the hands down as they realised,vikas is not their cup of tea and india is not gujarat where you can easliy fooled the people.
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    1. S
      Sreenivasan
      Dec 8, 2016 at 9:04 am
      Here we see a wise man speaking. But for him it was only a problem of 1 or 2 days, then 2-3 days. Now after a month, he says it doesn't happen overnight. Okay, you take the balance days of your full term Sir. What changes are you foreseeing as a result of the Demonetisation ? Ministers talk a lot. Act less. And when they act, irreversible losses are inflicted on the people. Chanting Bharat Mata Ki Jai will not make one a good minister or administrator.
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        Joy
        Dec 7, 2016 at 12:51 pm
        But the downward trend in economy has already started Jaitlyji...
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          mathimathi
          Dec 7, 2016 at 2:32 pm
          yes Economic changes will not happen before 2019 end of fekunomics Period. idio8 FM Judley
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            s s nair
            Dec 7, 2016 at 3:07 pm
            You are lucky that all the economists have become dump. They do not criticise you and your action as they fear they will be bed by you and your party as anti nationals and pro corrupt and pro terrorists.
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