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Reforms undertaken by govt have put Indian economy on stronger track: Jaitley

Thursday, October 12, 2017
By Lalit K Jha

Washington: The series of reforms initiated by the Modi government like demonetisation and the GST has put the Indian economy on a "far more stronger track", Union Finance Minister Arun Jaitley today said.

"These are institutional reforms. These are structural changes. And these structural changes, I think have put the Indian economy on a far more sound track so that we can look forward for a much cleaner much bigger India economy in the days and years to come," Jaitley said, addressing the students of the Columbia University in New York.

Jaitley, who is is on a week-long visit to the US to attend the annual meetings of the International Monetary Fund and World Bank, said, "Consistent steps have been taken to formalise and expand the more formal economy as far as India is concern. And wanting to formalise that economy, one after the other steps are taken against shadow economy."

"Some of these steps, the demonetisation, the GST because the GST could lead to de-stocking of existing stocks can have for a quarter or so a transient impact on manufacturing. But in the long run, these are institutional reforms and structural changes,” he said.

Referring to the series of economic reforms that India has undertaken since 1991, Jaitley said the Indian model now seems to be emerging.

"Even as the Indian economic reforms started a few decades late, the direction that India followed is probably the direction that helped the country considerably. And therefore, any form of debate, discussion or suggestions to go back to more regulation, to go back to stricter controls, not to integrate itself.”

I think, we are in the process of dispelling any notion of that kind," he said.

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