New Delhi: Union finance minister Arun Jaitley said on Friday that Modi government will maintain “arm’s length distance in terms of decision making from individual business houses.” “As far as we are concerned, we are reforming and liberalising but there is no place for crony capitalism,” said Mr Jaitley while presenting one year’s report card of the finance ministry. Recently, Congress vice president Rahul Gandhi had launched a series of attack on the Modi government accusing it of being pro-corporates and taking decision to favour a few business houses on the cost of farmers and poor.
Mr Jaitley said that Modi government is pro-growth and pro-development. “Our social security programmes are going to be one of the strongest ever in this country,” said the finance minister. “What led to the fall and unpopularity of UPA government was crony capitalism coal blocks, mining, spectrum, large number of prosecutions. Ministers and industrialist landing up in jail this is all result of that,” he said.
Mr Jaitley hit out at critics saying that they should make up their mind whether Modi government is pro-corporate or anti-industry. “I have seen many interesting comments. The first set of comments I see is that you are pro-corporate, the government is pro-corporate. The next day is I see the same newspaper writing that corporates are anti-government. I think they must now make up their mind,” said Mr Jaitley.
He pointed that India has potential to grow at double digit rate and main opposition party Congress must not create hurdles in achieving this high growth rate. “The principal opposition party has positioned itself against growth. They must reconsider their position in terms of the damage they can do (to economic growth),” he said.He said that India must realise that there is an opportunity and there are competing economies which are not doing well. “Due to this India can be natural recipient of lost on investment.”
He said that the Modi government has not shied away from taking tough decisions and decisiveness even in the face of obstructionism is the hallmark of the government. He said those who are un-happy with the fast decision making are criticising the government’s decision. “They are asking why you brought ordinances, why you brought money bill. Let things move slowly. But now the country is not ready to move at slow pace,” said Mr Jaitley.
He said that the important highlight of the BJP- led government has been to give a corruption-free administration to the country. “The common man has been freed from political corruption. We have done it in one year,”Mr Jaitley said that the country is getting investment and there is a need to ensure ease of doing business and expand economic activity to achieve double-digit growth. He expressed confidence that the land bill will be passed in the next Parliament session because “the numbers are clear”. Similarly, the indirect taxation reforms measure like the GST will be passed in the next session. The finance minister said that the government will make all efforts to ensure that GST is rolled out from April 1, 2016.
“As far as the economic situation of the country is concerned, a year ago there was an environment of pessimism. There was a general environment of gloom. In its place, an environment of enthusiasm has been created,” Mr Jaitley said. On taxation, the finance minister said the NDA government’s position was clear “and that is simplification”.
