India’s current Finance Minister & a politician since nearly four decades is a man with many laurels in his hat. Being a lawyer, he knows how to argue his case.
The BJP government’s decision to demonetize INR 500 & INR 1,000 notes has drawn widespread critique globally but the Commerce pundit is convinced the decision is inching the Indian growth story forward by a mile.
Speaking at India’s biggest investment summit, Vibrant Gujarat, Jaitley says India is on its path to become an economy which is making an impact globally and slowing moving towards becoming a a developed one.
To have a government that leaves its footprint behind, Jaitley spoke of the 5 qualities that make a great leadership during his address at the Summit.
A decisive leadership at the center is important says Jaitley. Since 1996, we had been repeatedly negotiating and renegotiating treaties with countries, which in effect was not solving the circulation of undeclared money. In the past few years we have re-written these treaties in a way that this will stop such a flow of untaxed money. Our economy will be much better, bigger and cleaner and India will be a highly successful economy says Jaitley.
In order to rebuild the economy, you need courageous decisions says Jaitley. He said the government’s focus is to bring in transparency and India needs difficult decisions to clean up the table. “Difficult decisions will pass through difficult phases but for the better,” says Jaitley.
Stamina to overcome transient criticism
Jaitley says a leadership needs to have the stamina to overcome transient criticism of decision which comes. The BJP government has been actively criticized for causing pain to the underprivileged by the extreme measure of demonetization.
Keep away from discretions
When governments & ministries enjoy discretions, they inevitably land up in controversies Jaitley said recalling the tenure of the previous UPA government that was mired by scams and disruptions in policy making and implementation.
The BJP government has time and again reserved comments at the time of big changes such as the non-extension of previous Governor of the Reserve Bank of India, Raghuram Rajan’s tenure. It has steered away from controversies before most parliamentary sessions, a phenomena that can credit the government’s win of a Parliamentary vote to roll out the Goods and Services Tax bill which was stuck at the passing stage for more than two decades.
Jaitley said shadow economy should not be allowed to prosper in a country. The BJP government is convinced it will be able to weed out the issue of corruption and black out of the system by its strict tax regime. The introduction of the Goods and Services Tax is also aimed at cutting out additional taxes and encouraging citizens to move towards a more structures tax regime.
“GST will also help make India one common marketplace. It will lead to better and hassle-free goods and services. It will free many bottlenecks,” said Jaitley who said believes GST rollout will make the Indian economy cleaner and stronger.