Published On : Fri, May 22nd, 2015

“We have dispelled gloom ” says Jaitley of one year of Modi Sarkar

NewDelhi/Nagpur: The NDA govt has ushered in an environment of enthusiasm on the economic front and it is taking decisions in order to promote development, finance minister Arun Jaitley said on Friday.

“There was a general environment of gloom one year back,” he said at a largely attended press conference in Delhi.

Ending corruption

Jaitley also emphasized that one major achievement of his government has been that Corruption, specially Corporate corruption has come down radically.


“We are very transparent in all our dealings, as everyone has seen with the coal auctions. We are doing away with the potential for corruption by being absolutely clear in all our decision making. There has been transparency in the decisions that have been taken by this government,” Jaitley said.

“There’s absolute clarity where the Modi govt wants to go. The direction is growth and development.” The FM said there was absolute clarity on vision.

Other points he mentioned as achievements is that NPAs of Banks have come down from 5.6% to 5.2% – which he later admitted was only a pointer, real effects are still to be seen.

Disinvestment –

More disinvestment has been done in 6 months than was done in the whole of last year. We are going in for “strategic disinvestment” Jaitley emphasized.

Infrastructure –

Even if we are in a phase of slow economy, money and resources for development of Railways, highways and rural roads will never be lacking, assured the FM. Replying to a question, he also said one part of the sum received from increasing prices of oil, will go towards building of highways.

“We have re started work on more than 70 road projects that were stalled by UPA” said Jaitley.

Indirect Taxation GST

GST is India’s most ambitious indirect tax reform plan, which aims to stitch together a common market by dismantling fiscal barriers between states. It is a single national uniform tax levied across the country on all goods and services except petroleum products, and alcohol for human consumption.

“In the field of indirect taxation, we are in process of creating history by bringing most important indirect tax reform — the GST,” Jaitley said.

PM’s Foreign tours

Talking about Modi’s foreign tours, he said that Prime Minister Modi visited to 18 countries in one year.

“Our diplomacy has created a new place for India,” Jaitley said.

Other agenda

A wobbly economy, low job opportunities, high inflation, political logjam in Parliament and fears of a below normal monsoon are the next challenges to the government.

Getting the new land acquisition Bill passed would also be a priority, Jaitley mentioned.

There wasn’t much mention of rural India’s problems or reviving agricultural growth and productivity.