FM Jaitley at World Economic Forum

Switzerland, Jan 23 (ANI): Finance Minister, Arun Jaitely, on Saturday attended the World Economic Forum in Switzerland. Finance Minister Jaitley said that there are a set of structural reforms which are in progress and there are a large number of steps which the Government of India has taken over the last year-and-a-half. He further added that India's co-operative federalism has transformed to competitive federalism, and that's really a good news for India.

  1. F
    Jan 23, 2016 at 11:23 pm
    In DAVOS we must review the traditional economic theory : it does not work anymore The current economic analysis focuses on some strategic pieces of our planetary economics system but does not build up and supply an overall economic policy strategy to help politicians to improve concretely the new worldwide social and economic situation . The modern economic studies even if scientifically and accademically unobjectionable and worthy can't be useful or better to say cannot be used becouse they are not encluded in a global vision of economic and social phenomena that in the "Internet Era" have completely changed the rules of intervention . Since 10 -15 years now the world is facing a new economic and social era where for the first time 1) we have to compare no more Developed and Less Developed Countries but "Mature" developed countries (MDC) and less developing countries (LDC) , 2) we must analyze and manage worldwide extremely interconnected highly sophisticated financial operations widespread in both MDC and LDC . This sophisticated financial system acting both in highly differentiated economic structure from industrial, service and welfare point of view, bring dangerous distorsion in resourse allocation and fair social development . Taking into account these two new differentiations the bet now then, is no more to achieve an high rate of growth in all worldwide countries ( its almost impossible .. most of the occidental countries could not grow any more.. they are growth ) but a less differentiation in way of living between Mature countries (already growth) and developing countries. This will really bring to a more fair and pleasent situation of mutual exchange among people of different countries not only of material goods but mostly of services and immaterial products to improve worldwide welfare. This could be done favouring and concentrating economic and political worldwide studies and analysis and above all Actions 1) on healthcare, human rights, security, education to push the growth of welfare state and reduce the gap with the "occidental " partners 2) on restructuring deeply all the financial and banking system (almost not more compeive ) in a way to satisfy not only a demand of groth but a new social and most important demand . It' s obvious that this would never happen if the most important international organizations (UN , IMF and so on ) will not increase their political, economic, and management coordination power from one side and the single countries ( any single countries) will not be forced to comply new criteria of socially responsible development.