FM Arun Jaitley said the country has to move ahead with crucial reforms because it is a 'extremely crucial and critical time,' for India, given that China's economy slowing, impacting other emerging countries.
Finance Minister Arun Jaitley on Monday stressed for the need for reforms, to fuel the Indian economy to a higher growth trajectory, even as the world economy is slowing down.
“India, today has become aspirational. It is no longer satisfied with 6-8% band of growth,” Jaitley said while speaking at an event to mark the merger between Securities and Exchange Board of India, and Forwards Markets Commission. “We need to continue to change and evolve.”
Jaitley said the country has to move ahead with crucial reforms because it is a “extremely crucial and critical time,” for India, given that China’s economy slowing, impacting other emerging countries. “The world has started seeing us differently.”
Talking about pending legislation’s for fueling economic growth, the Finance Minister cited the ingenuity of the authors of Indian Constitution, who had introduced a provision that allows the government to pass important money bills in the lower house of the Parliament with a discussion, and with a reference from the upper house.
The Finance Minister’s comments assume significance as crucial bills including the Goods and Services Tax, which aims to introduce uniform taxes across the country, are stuck because the ruling National Democratic Alliance government falls short of majority in the Rajya Sabha to get the legislation’s through.
On Monday, The Securities and Exchange Board of India, the capital markets regulator and Forwards Markets Commission, which is into commodity, and derivatives regulations, merged to become a single entity. With the merger of the two regulators, Rajeev Kumar Agarwal, currently the whole-time member at SEBI, will now oversee regulations in the commodities market.