Reforms Not About One Sensational Idea: Arun Jaitley

Speaking at the World Economic Forum's India Economic Summit in India, Finance Minister Arun Jaitley voiced optimism that the measures initiated by the government will soon show results.

Highlights:

• I am satisfied with the beginning we have made
• Measures initiated by the government will soon show results at the ground level
• One has to consistently pursue the reforms agenda
• Reforms not about one sensational idea
• PM Modi is accessible to bureaucrats
• Retrospective taxation was a bad idea that damaged the Indian economy
• No steps should be taken which sends a contrarian signal
• Element of discretion in hands of state has disappeared
• Discretion has been misused, allegations of crony capitalism was true
• Element of fairness in the system was lacking
• Last 5-6 months every decision intended in direction of eliminating discretion
• Optimistic that financial inclusion targets will be exceeded
• I hope that the amended Insurance Bill will be passed in the next session of Parliament
• Will continue on path of divestment
• Will look at some PSU that may do better in private hands
• Do hope private sector in India would get into manufacturing defence equipment in a big manner
• Reforms similar to coal block allocation on the anvil for other minerals
• Need to relook at some aspects of Land Acquisition Law
• Land acquisition is one of the difficult areas
• India not opposed to trade facilitation
• India's position at WTO has been misunderstood due to unreasonable positioning by developed countries
• Dispute not with regard to trade facilitation
• Unreasonable posturing by some countries on the issue
• Trade facilitation has become a victim due to the unreasonable positioning by developed countries
• Subsidies cannot be altogether eliminated by can be rationalised
• Some aspects of labour laws can be rationalized and improved
• Can't lay down timeline on Labour Law
• We have to convince the entire political spectrum that a more flexible policy will create jobs
• India would like to normalise relationship but Pakistan has to decide whether it wants to