India now ‘bright spot’ in global economy: Arun Jaitley on 4 years of Modi government

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NEW DELHI, MAY 27
Union Minister Arun Jaitley on Saturday said the Modi government has provided a ‘scam-free’ governance during the last four years, and the country has transformed from being a part of the ‘fragile five’ to the “bright spot” on global stage.
The focus of the government will now be on consolidation of the initiatives taken in the past, Jaitley said in his Facebook post on completion of four years of the NDA government.
In a post titled ‘My Reflections on the NDA Government after Completion of Four Years in Power’, Jaitley said the preceding ten years of the UPA rule had unquestionably witnessed the most corrupt government since Independence.
“Prime Minister Narendra Modi created transparent systems through legislative and institutional changes which have given this country a scam-free governance. Unlike the UPA, the Prime Minister is the natural leader of both his party and the nation,” wrote Jaitley, who had undergone a renal transplant earlier this month.
He said the country has witnessed a journey from indecisiveness to clarity and decisiveness.
“India has transformed from being a part of the “fragile five” to the “bright spot” on the global economic scene. A regime of policy paralysis has been transformed into one of decisions and actions.
“India, which was on the verge of becoming a “basket case” has today been transformed into the fastest growing major economy in the world and is likely to hold that position in the years to come,” he said.
The minister said the country’s mood from despair has transformed into hope and aspirations.
“Good governance and good economics have been blended with good politics. The result of this has been that the BJP is more confident, its geographical base has become much bigger, its social base has expanded and its winnability has hugely increased. The Congress is in desperation without the perks of office,” Jaitley said.
He said Modi has institutionalised a system where discretions have been eliminated.
“Discretions lead to abuse of power because they can be misused. Allocations of contracts, natural resources, spectrum and other Government largesse which were being distributed through discretions, are now allocated through a market mechanism.
“Laws have been changed. Leaders of the industry are no longer seen repeatedly visiting the South Block, the North Block or the Udyog Bhawan. Environmental clearance files don’t pile up. FIPB has been abolished,” he said.
Jaitley said India has to transform from a tax non-compliant society to a tax-compliant society.
“The enactment and implementation of the Goods and Services Tax, the impact of demonetisation, effective tax compliance are all steps against black money, steps which are formalising the Indian economy. The Insolvency and Bankruptcy Code has changed the lender-creditor relationship. The creditors no longer have to chase the debtors. If you cannot pay your creditors, you have to exit through a statutory mechanism,” he said.
The minister further said India had fallen off the global radar under the UPA regime. In its initial years, when the world economy was booming, India grew on the strength of global tailwinds.
“When the global situation became challenging, the UPA’s decisiveness and performance collapsed. The last two years of the UPA had witnessed substantially lower growth rates. From the very first year of NDA, India is the world’s fastest growing major economy with the highest GDP growth rates. This is also the global projection for the next few years,” Jaitley added.

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