Finance Minister Arun Jaitley on Tuesday said that the world can look forward to a bigger and cleaner Indian economy in the coming years. Addressing a gathering at Columbia University’s School of International and Public Affairs, New York, Jaitley spoke vividly on various issues related to the Indian economy. He said that consistent steps have been taken by Prime Minister Narendra Modi government to formalize the economy.
Finance minister said that use of discretion by ministers needed to be withdrawn and left to market mechanisms vis-a-vis investment. Jaitley was also joined by former Niti Ayog vice chairman Arvind Panagariya who has also served as a professor in the university. Panagariya commended Jaitley for the implementation of the “bankruptcy act” and “goods and services tax” in India. Jaitley is on a week-long trip to US where he is slated to attend the annual meetings of the International Monetary Fund (IMF) and World Bank.
Earlier, Jaitley had said that India’s transition to the Goods and Services Tax regime has been “fairly smooth” despite attempts by “ill-informed” Opposition leaders to derail its implementation, PTI had reported.
“Many attempts have been made by political groups to derail the GST, but I am glad that their own state governments are not listening to them because they know 80 per cent of the money is going to come to them so they don’t have to appease an ill-informed central leader of the party and let the revenues of their own state suffer,” Jaitley told a New York audience.
“So, the state governments are being wiser,” Jaitley said while responding to a question during an event titled ‘India’s market Reforms: The Way Forward’ organised by the Confederation of Indian Industry in association with the US Chambers of Commerce.