MANGALURU: Referring to decisive manner in which Prime Minister Narendra Modi-led government has handled recent global challenges like rising crude oil prices or spill over effects of domestic policies of certain countries, finance minister Arun Jaitley said at the ASSOCHAM annual meeting that India needs a strong and decisive leadership at the Centre so that the country remains a "sweet spot" of the world.
“What does India need....India needs a strong and decisive leadership at the centre. A weak leadership could not have handled the crisis within days, the way present government did. A crisis in the making was handled with swiftness is just one example of the way this government functions”, said Jaitley addressing the 98th annual meeting of the chamber with a theme New India: Working for 125 billion aspirations at an ASSOCHAM event in New Delhi.
Addressing the ASSOCHAM delegates through a video conference, Jaitley said India needs a government which is absolutely clear about the direction and policies it wants to follow. However, he said, ''there are lot of political challenges like unstable coalitions" and in terms of aspiring individuals with lack of understanding of policies and directions.
The country's leadership needs to have absolute clarity so that India remains in a unique position, which IMF repeatedly refers to as a sweet spot in the world, he said adding such a strong position would be required for the next few decades so that the country is able to get rid of poverty and achieve growth and development.
Referring to the recent bout of rise in crude oil prices and the tariff row amongst certain countries, Jaitley said the fuel prices have arisen on account of artificial shortages but the country needs to face this challenge with resilience and strength.
The government has embarked upon several second generation reforms like direct benefit transfer (DBT) scheme and the Insolvency and Banking Code. He said the government is saving ₹ 90,000 crores per annum because of Aadhaar enabled DBT alone, whereas the IBC is helping the banks deal with the problem of debts turning bad and also providing the exit option to the promoters who could not continue under the "survival of the fittest" environment.
The present government has brought in transparency in various fields of governance, including direct taxation as also the Goods and Services Tax, with the help of technology.
India has moved significantly up on the global Ease of Doing Business Index and with the IBC being factored in, the country's position on this index would be further improved.