Arun Jaitley at the HT Summit in New Delhi
Arun Jaitley speaks during the Hindustan Times Leadership Summit in New Delhi.
Here are the highlights: - Not much grievance against the decade of 50s and 60s, it was 70s and 80s that was a lost opportunity
- If I look back the last 67 years, I'm quite willing to accept that early years after independence resources were not enough
- The quality of political debate in India has to change
- Things did begin to change in 1991 and it's a great lesson that we have to learn from the last 23 years and the decades before that
- The quality of political debate in India has to change
- The mindset of polity has to change - it can't be how can I block reforms. All institutions must change with the changed times
- State governments have to realize there is a very important role for them - the country grows if states grow
- Extremely important that the credibility of the decision-makers is always there
- The environment in the country has to be conducive for growth.
- Despite a great desire to reform since 1991, structurally education is one sector that has been kept out of the reform process
- Face with two contrary trends - credit offtake not taking place and the stream of international visitors
- In the medical sector shortages remain
- Rural infrastructure is an area where we have not concentrated in a big way, tribal areas remain neglected
- What was considered a touch-me-not area, we decided to open up the Railways. People have to decide whether they want a world-class railways or a ramshackle one
- On opening up the Defence sector: seems to be a lot of interest in people teaming up with counterparts in India
- We're on the verge of opening up our insurance sector a little more - and focus of debate has to shift from how do I block it to what are the consequences of my action
- Those who are supposed to pay taxes must pay, unsustainable demands won't get you revenue
- Unsustainable demands earn us a bad name
- Indirect taxes do remain a challenge as our manufacturing sector has to grow
- My proposal for GST is almost ready and hope to introduce it in this session of Parliament
- Global economy still patchy; India is coming back as a 'preferred destination'
- We're at a crucial stage where we mustn't exhaust our patience
- Once the political leadership is decisive, the rest of the decision-making also become simple
- The RBI is a very responsible institution and has served this country well.
- This is one of the strengths of the Indian system- we're able to put across contrarian viewpoints publically
- My unhappiness is participating in this discussion doesn't mean X slams Y... that is how it gets reported
- Moving on with the economy is a very serious subject, you don't have to sensationalise it
- Some of the more challenging decisions - like undoing tax decisions - and tax legislations are only in the lower house - undoing not the compensation part but the procedural part of the land law, I think is a big problem and will require a lot of effort
- If we are able to take the right decisions, global investors are going to increasingly look at us
- Pleasantly surprised that a large number of Japanese institutions are willing
- I'm principally for privatisation of sectors where the government can get out
- Governments taking commercial decisions can never do it in an oppressive environment
- As far as domestic black money is concerned, sectors in which it operates is not unknown - jewellery, real estate, mining...
- As far as money stacked abroad is concerned, one has to be cautious of adventurist solutions, legally follow the right course
- On Supreme Court censure for CBI chief: Governments have to be careful making these appointments
- Just look at the manner in which such institutions have been used
- Look at what we have done with the CBI - appointments made to have pliable directors
- Economic reforms must be blended with competent and clever politics