Finance minister Arun Jaitley today highlighted the key initiatives taken by the BJP-led NDA government in the last three years and said the bold decisions have helped India become the world’s fastest growing economy. Delivering a lecture on the subject, “Global Growth Through Indian Economy,” organised by the Gujarat Chamber of Commerce and Industry, Jaitley said this government has shown will in every sector and took bold decisions.
Stating that India missed many opportunities of economic development in the past, Jaitley said, “From 1947 to 1991, we were growing at 2.5 per cent and the world used to ridicule us saying it to be Hindu growth rate. The 1991 liberalisation carried out by the country was not out of conviction but more out of compulsion.”
After the good growth that liberalisation brought to the country, India lost the momentum during the time of global recession due to policy paralysis and inability to take decisions and implement it during the 10 years of UPA rule, he said.
“I am considering the 2014 political change as very important for economical change also. Today, India has become the fastest growing economy of the world,” Jaitley said listing out various initiatives taken by the government under Prime Minister Narendra Modi.
He also said the Centre has tried to bring reforms in election financing by introducing electoral bonds.
Jaitley said after six months of demonetisation of Rs 1,000 and Rs 500 currency notes, which no other government had a will to take in last 70 years, its results are visible.
“Momentum towards digitisation of the economy has begun, base of personal taxpayers has increased and informal sector of economy is being integrated with formal sector. People are having a feeling that, it is now dangerous to deal in cash,” he said.
He also hailed the way GST was brought in and said that it will definitely be implemented from July 1.
Jaitely went on to say that “this government has not only taken bold decision in the economic field but also in all other fields”.
“Can you imagine, our country going to the International Court of Justice for one man and exposing Pakistan’s judicial system. Earlier, the government just used to give lip service in such a situation,” he said referring to the country’s plea in ICJ on death sentence given to Indian national Kulbhushan Jadhav by a military court in Pakistan.
Jaitley, who holds additional charge of defence, also lauded surgical strikes and the decision to have a defence manufacturing policy.