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Last updated: 18 Oct, 2018  

Arun.Jaitley.Generic.9.Thmb.jpg India needs strong, decisive leadership at Centre: Jaitley

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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 world.

"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 directions. 

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 technology.

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.

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Bhagawath Prasad | Thu Oct 18 08:51:10 2018
Sir, All of us agree that the strong decisive leadership is must for crisis , the current crisis for MSME sector are as follows: 1. Raising fuel prices have increased operational expenses 2. ,Weakening rupee made imports very expensive , import dependent industry is in BIG trouble 3. Reduced/stagnated middle class income has knocked off purchase power hence reduced spending in market, fuel to fire is raising inflation 4. High interest rates from bankers 5. Excess caution and high amount of compliances from bankers 6.Ugly behaviours of collection mechanism from NBFCs and co-operative banks hence operational disturbances ( street fights from NBFC collection agents are evident everywhere) 7. Reduced consumer activism 8. joblessness , increased burden on parents and lead to weak consumer activity hence half the capacity of MSMEs are unutilized , thereby , burden of capital investment. 9. Job-growth is now a dream but fear of joblessness is reality 10.Joblessness is creating anti-social elements in cities. Year 2015 onwards MSMEs are facing troubles one after the other and our sector is taking side-kicks due to bigger games played at top level. I urge finance minister to look at the above narrated points and reduce the burden of MSME ,if some immediate measure are not taken by current strong leadership , MSMEs and traders will get to ground ZERO

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