Finance Minister Arun Jaitley was speaking at the Economist India Summit 2015 in New Delhi.
Finance Minister Arun Jaitley says it is only a matter of time before the crucial Goods and Services Tax (GST) is passed in the parliament, as almost everyone was in support of it now. Jaitley said that he would like to see GST passed by April 1, 2016. He was speaking at the Economist India Summit 2015.
Talking about GST and the parliamentlogjam over the policy, he said that if legitimate number of people say that it (processes) should be faster, pressure must be kept on the government. He added that the pressure of public opinion on those who want to obstruct growth must be equally powerful too. He said that if the kind of obstruction that was underway currently remained, then the Congress may succeed in hurting India’s economy and detail it for sometime.
He said that this time around, there was a larger public opinion in favour of letting the Parliament continue working and enact laws that it wanted to. Most people didn’t even realize there was a nation-wide strike a few days ago, Jaitley said, talking about the pan-India trade union strike. He said, there’s been a change which reflects the direction in which India’s popular mood is there.
Jaitley said that internal restlessness was a good sign, as it will only help India grow. “It’s good for India now to become restless, it’s only then that we will grow faster,” he said. “The internal mood in India is, ‘this is not enough, we have to grow more,’ I think that’s a great sign,” he added.
About the Land Acquisition Bill, which is another keenly watched development by stakeholders and investors, Jaitley called it “probably one of the worst drafted, even in terms of legislative drafting laws that I have seen.”
He said, “the draftsmen intended something else, ended up producing something else.”