Finance Minister Arun Jaitley dismissed the criticism over economic mismanagement by saying that his government is implementing necessary reforms which might hurt in the near term, whereas others are just making noise after failing the economy themselves.
Hitting out at rising voices of dissent from the opposition and the senior leaders of his own party over economic mismanagement, Finance Minister Arun Jaitley today sought to dismiss the criticism by saying that his government is implementing necessary reforms which might hurt in the near term, whereas others are just making noise after failing the economy themselves.
“Those who do not have broad shoulders to either take bold decisions or implement such landmark decisions, really can only sit on the sidelines and comment on it,” Arun Jaitley said in an interview to television news channels on Wednesday. “But at the end of the day, it’s our responsibility as the government to make sure that these decisions work, work well, and remove whatever glitches come in the way of these decisions,” Arun Jaitley added.
Of late, Prime Minister Narendra Modi’s NDA-led government has come under fire from not only the members of opposition, but also BJP’s own senior leaders including Subramanian Swamy, Yashwant Sinha, Arun Shourie and others. Earlier last week, Yashwant Sinha, former Finance Minister in the Atal Bihari Vajpayee administration, wrote a column in The Indian Express criticising the government’s radical moves such as demonetisation and implementation of GST.
Recently, India’s GDP growth disappointed for the second straight quarter, slowing down to a mere 5.7% in Ap-Jun and pitting the country behind China on the list of world’s fastest growing major economies. The 5.7% fiscal first quarter GDP growth was much lower than the 7.1% seen in the same quarter a year ago, and from 6.1% in the preceding quarter. Much of the blame for this was put on the twin effects of GST and demonetisation.
However, today, Arun Jaitley sought to clarify that India was under a structural transformation under the new government, and that the issues hurting the economy in the near term will be addressed. “Some people have made politics of doom as their principle agenda… India in the current global situation is doing very well,” Arun Jaitley said, adding that it’s probably for the first time that India has been the fastest growing major economy for three straight years.
“Structural reforms may involve a phase of transformation,” Arun Jaitley said. “We have had a clarity of direction to take these decisions, and as situations emerge, it’s obligatory for those in the decision-making to react to those situations and respond,” he added.