1. No slowdown in reforms despite Delhi drubbing, economy set to soar: FM Arun Jaitley

No slowdown in reforms despite Delhi drubbing, economy set to soar: FM Arun Jaitley

Finance Minister Arun Jaitley says defeat of ruling party to AAP in Delhi elections 2015 will not slow down economic reforms.

By: | New Delhi | Updated: February 12, 2015 3:57 PM
Arun Jaitley, Indian economy

FM Arun Jaitley has said that Indian economy is expected to grow an annual 7.4 per cent in the year ending in March faster than a revised 6.9 per cent a year earlier. (PTI)

India’s economy is poised to take off at a much faster pace, Finance Minister Arun Jaitley told reporters on Thursday, asserting that the defeat of the ruling party to Aam Aadmi Party in Delhi elections 2015 will not slow down economic reforms.

Asia’s third-largest economy grew an annual 7.5 percent year-on-year in the quarter through December, higher than 7.3 per cent growth recorded by China in the latest quarter, after  its statisticians changed the way they measure it.

New Delhi expects the economy to grow an annual 7.4 per cent in the year ending in March faster than a revised 6.9 per cent a year earlier.

“We are now poised to take off at a much faster pace,” Jaitley said.

In his first comments after the near-whitewash of his party in the Delhi polls, he said the government was determined to go ahead on the path of economic reforms.

“The fact that four (state assembly) elections have been won and one has not been won is absolutely no ground for believing that there will be any slowdown on the path which we have undertaken,” he said while addressing a joint press conference with US Treasury Secretary Jacob Lew at the end of 5th Indo-US Economic and Financial Partnership meeting.

Jaitley’s comments assume significance against the backdrop of experts raising questions whether the government would resort to populism in the wake of electoral reverse.

The kind of reforms that the government has been undertaking, he said, would bring in investment, generate jobs, improve the quality of life of people and also help in alleviating poverty.

Jaitley is scheduled to present his first full budget for 2015-16 on February 28 which among other things will unveil government’s strategy to boost economic growth.

By bagging an unbelievable 67 out of the 70 seats in the Delhi assembly elections, the less-than-two-years-old Aam Aadmi Party (AAP), led by the stop-at-nothing Arvind Kejriwal, left the ruling party coalition at Centre – led by Bharatiya Janata Party (BJP) – with just three and gave a strong reason for the Narendra Modi-led Union government to reflect and quickly re-earn its spurs.

Ever since its spectacular victory in the May Parliament elections, the BJP notched power in Haryana, Maharashtra, Jharkhand and emerged the second largest party in Jammu and Kashmir.

Since coming to power in May last, the government has taken a slew of economic reforms, especially easing of the foreign investment norms.

  1. V
    vijay
    Feb 13, 2015 at 6:29 am
    Mr Jately, who is the enemy of progress? The unsure, mediocre people who want to advance because of the length of time. And in doing so (when they are ured of their position) are the root cause of corruption. How to stop it - just make it very very difficult for them to enjoy the corrupt money. Make it difficult for the to spend cash. Make laws which prohibit any body carrying or holding more than a specified limit in the household. Use the banking system effectively. Make most people (people who own houses) file annual returns - it may be zero. Returns must be submittable on line so that no IT officer can be corrupted. Give every person dignity(job) which they fear to loose and stay within law. And any one caught breaking law should be punished severely. Make every person accountable. Every trial should be finished within a time frame, no excuses. India is the best country in world. Make it heaven on earth. Jai Hind
    Reply
    1. A
      antony george
      Feb 12, 2015 at 10:26 pm
      What economic reforms? Congress govt increased ry/DA every year continuously in the last 10 years. Now, BJP govt is again going to increase ry of bank employees by 13%. This will make things costlier for common man. All parties think only about govt employees. Nobody thinks of common man. If the want reforms, they should reduce VIP security, reduce expenses to ministers and MLAs, close loss-making PSUs like Air India, and have minimal govt employees and not increase any further.
      Reply
      1. K
        Kumar Rajiv
        Feb 12, 2015 at 6:52 pm
        Appendix B भारत सोने की चिड़िया था और क्या हम वाकई उन्नति कर रहें है इसका साबूत ================================================= मित्रो ANGUS MADDISON यूरोप का एक बड़ा महान अर्थशास्त्री था उसने एक पुस्त्क लिखी है The WORLD Economy A MILLENNIAL PERSPECTIVE जिसके पेज नंबर 263 पर उसने लिखा है सन 1000 में दुनिआ का सबसे अमीर देश था सारे विश्व के कुल उत्पादन का लगभग 29 % भारत में होता था और भारत सन 1700 तक दुनिआ का सबसे अमीर देश था और विश्व के कुल उत्पादन का लगभग 24 % भारत में होता था यह वही वर्ष है जिस वर्ष अंगेर्जो के नापाक कदम भारत की धरती पर पड़े और उन्होंने भारत को लूटना सुरु कर दिया और जब अंग्रेज 1947 भारत छोड़कर गए भारत दुनिआ का सबसे गरीब देश बन गया और विश्व के कुल उत्पादन में भारत का हिस्सा सिर्फ 4 % रह गया . इसके बाद भारत में नेहरू ने रूस के कार्ल मार्क का मॉडल भारत में लागु किया भारत का विश्व के कुल उत्पादन में हिस्सा गिर कर सन 1973 सिर्फ 3 % रह गिया और वर्ष 2013 में सिर्फ 6 .64 % है . मित्रो कई मानसिक रूप से ग़ुलाम लोग ये तर्क देते है यदि अंगेर्ज भारत में न आते तो भारत वहुत पिछड़ा हुआ रह जाता और अंगेर्जो ने भारत में तरकी की अगर ये सच है तो अंग्रेजो के आने से पहले भारत कियो विश्व का सबसे अमीर देश था और 1947 और आज भी भारत दुनिआ का सबसे गरीब देश कियो है . अंगेर्जो के मानसिक ग़ुलाम और कम्युनिस्ट इसका उत्तर दे . अगर किसी को उपरोकत आंकड़ों पर श्क है तो नीचे दिए क्लिक लिंक पर क्लिक करे और The WORLD Economy A MILLENNIAL PERSPECTIVE by ANGUS MADDISON की पुस्तक download कर पेज no 263 देखें .
        Reply
        1. S
          Shrinivasa Kamath
          Feb 12, 2015 at 7:55 pm
          Delhi drubbing is a minor set back for BJP. Central government should hold a long term view of the economy. Economic reforms are the only way forward. With high expectations raised, AAP has its job cut-out.
          Reply
          1. A
            ashok
            Feb 12, 2015 at 5:39 pm
            Wonderful ! The BJP won a historic mandate mainly to restore the economy to high growth, with moderate inflation and decisive, transparent governance. Reforms of the 1991 variety are its best chance of getting the economy to perform better.
            Reply
            1. M
              Munna
              Feb 12, 2015 at 9:13 pm
              I don't know what populism does really mean?When people-politicians themselves weigh against their porism in public life and also world recognizes as such. From the very beginning of the word "Economic reforms",MMS,VP Sing Or Mr. Jaitely-this word always means(for elite policy makers) to open the DOORS to loot BHARAT like East India co.Gov shuns its responsibilities,beurocrates create more funds in either ways for non-productive Gov employees,Netas,dependents,etc.More fund raised in the name of economic reforms,more scams came,prices sour-upmon man started suffering-still the way could not be found out;simply,becoz,our own people fooling the nation since 1992.
              Reply
              1. M
                Munna
                Feb 12, 2015 at 9:13 pm
                I don't know what populism does really mean?When people-politicians themselves weigh against their porism in public life and also world recognizes as such. From the very beginning of the word "Economic reforms",MMS,VP Sing Or Mr. Jaitely-this word always means(for elite policy makers) to open the DOORS to loot BHARAT like East India co.Gov shuns its responsibilities,beurocrates create more funds in either ways for non-productive Gov employees,Netas,dependents,etc.More fund raised in the name of economic reforms,more scams came,prices sour-upmon man started suffering-still the way could not be found out;simply,becoz,our own people fooling the nation since 1992.
                Reply
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