SME Times News Bureau | 18 Oct, 2018
Referring to the decisive manner in which the
recent global challenges like rising crude oil prices or the spill over effects
of domestic policies of certain countries were handled by the Modi- led government,
Finance Minister Arun Jaitley Tuesday said India needs a strong and decisive
leadership at the Centre so that the country remains a "sweet spot" of the
"What does India need....India needs a strong and
decisive leadership at the Centre. A weak leadership could not have handled the
crisis within days, the way present government did...A crisis in the making was
handled with swiftness is just one example of the way this government
functions", said the Finance Minister, addressing the 98th Annual meeting of industry
body ASSOCHAM in New Delhi.
Jaitley said India needs a government which is
absolutely clear about the direction and the policies, it wants to follow. However,
he said, ''There are lot of political challenges like unstable coalitions"
and in terms of aspiring individuals with lack of understanding of policies and
The country's leadership needs to have an absolute
clarity so that India remains in the "unique position , which IMF
repeatedly refers to as a sweet spot in the world,", he said , adding such
a strong position would be required for the next few decades so that the
country is able to get rid poverty and achieve growth and development.
Referring to the recent bout of rise in crude oil
prices and the tariff row amongst certain countries, the Finance Minister said
the fuel prices have arisen on account of artificial shortages , but the
country needs to face this challenge with resilience and strength.
Jaitley said the Government has embarked upon
several second generation reforms like direct benefit transfer (DBT) scheme and
the Insolvency and Banking Code. He said the government is saving Rs 90,000
crore per annum because of Aadhar -enabled DBT alone, whereas the IBC is
helping the banks deal with the problem of debts turning bad and also
providing the exit option to the promoters who could not continue under the
"survival of the fittest" environment.
The Finance Minister said the present government
has brought in transparency in various fields of governance, including the
direct taxation as also the Goods and Services Tax, with the help of
India has moved significantly up on the global Ease
of Doing Business Index and with the IBC being factored in, the country's
position on this index would be further improved, he added.