Wednesday October 18, 2017
Home Uncategorized Jaitley blame...

Jaitley blames 1971 mindset for lost opportunities of last decade

0
67

By NewsGram staff writer

New York: India’s Finance Minister Arun Jaitley blamed the mindset of 1971 that believed in slogans and redistribution rather than growth and higher productivity for the lost opportunities of the last decade and said India is trying to make up for it now as decision-makers are under people’s pressure to ensure the country reaches its full potential.

Speaking at Columbia University here Monday, Jaitley said former Prime Minister Manmohan Singh “was overpowered by someone” whose thoughts were stuck in 1971 without directly name Congress Party President Sonia Gandhi and he seemed to give Singh the benefit of the doubt.

He said that unlike 1971 this was an era of rising expectations of growth and people see the potential for India to achieve 8 percent or 9 percent growth. No people put pressure on decision-makers to achieve this potential, he added. In 2015, the nation cannot exist on slogans alone as in 1971, he said alluding to Indira Gandhi’s massive election victory that came with her call, “Garibi Hatao,” or “Vanish Poverty.”

The rationalisation of subsidies carried out by Prime Minister Narendra Modi’s government, he said, was the “unsung revolution in India.”

Jaitley was the keynote speaker at the inauguration of the Deepak and Neera Raj Center on Indian Economic Policies at Columbia University’s School of Public and International Affairs. The founding of the Center is financed by Deepak Raj, who is the managing director of the private investment firms Rush Brook Partners and Raj Associates, and his wife Neera.

Jaitley touched on the key changes that were taking place in India that impacted the economy. Realising that international investment is important to raise resources for development, India is dealing with the issues that discouraged it.

India had a bad reputation for ease of doing business and a change in governance is taking place at the central level, he said. No ministry holds up clearances, which are done in days, and Prime Minister Narendra Modi personally reviews projects that are delayed.

A concept of “competitive federalism” was taking root with states now vying to make themselves attractive for investments, he said. Even Kerala and West Bengal, which had a leftist orientation, have stated to reorient themselves, he added.

On taxes, he said “we lost credibility with the world” because of the retrospective taxation issue. “Aggressive taxation” has not produced results because ultimately it is overturned by courts and the government taken steps so now the fears of retrospective taxes have been put to rest.

In dealing with natural resources, the previous government used a discretionary process, which led to the scandals in mining and cellphone spectrum allocation, he said. Now the government was letting the markets decide the allocations in a transparent manner, he added.

Jagish Bhagwati, the eminent economist, said that Directive Principles of the Indian Constitution were made into rights enforceable by courts and when there isn’t economic growth commensurate to pay for the entitlements, deficits rise hurting development.

Bhagwati, who is the director of the Center, criticised the prevailing shallow discourse on India in some quarters in the US. As an example, he took at dig at the op-ed pages of The New York Times, which, he said, relied on people from think tanks who do a little thinking and then go after India on tanks.

India’s Ambassador to the US, Arun Kumar Singh, said that the Center should promote a better understanding of India among a broader section of the US and help shape the narrative. He mentioned the use of “loaded words” like “outsourcing,” which has a negative association. While virtually anything bought in the US is made outside in places where the manufacturing has shifted, that is not called outsourcing, a word used when tech sector jobs move to India;

Another example he gave was the perception of Indian and intellectual property rights. While India is often portrayed as not conforming to the norms, the tech sector has said that it had no problems with the country over intellectual property rights, he said. In entertainment, both Indian and US industries had concerns, he said.

Only the pharmaceutical sector had made an issue of intellectual property rights in India and these were because of corporate reasons, rather than actual patent issues, he said. He said that there was growing interest in India among businesses and among students. In many universities there was a demand for teachers to teach courses on India, he said.

Among the reasons for the deepening ties between the US and India seen in the dramatic increase in trade between the two countries and in close political and strategic ties, Singh said was the role of the Indian diaspora: There were 110,000 Indian doctors, many working in remote areas; 40 percent of all the hotel rooms in the US are in Indian-owned businesses, and 140,000 students from India are studying in the US.

Moreover, Indian companies have invested $15 billion in the US and created 90,000 jobs, Singh said.

Deepak Raj said India is now at a critical juncture and is poised for a breakout in creating jobs and providing better health and education. He said he wanted the institute to be a part of the solution in meeting these goals.

The school’s dean, Merit Janow, outlined the center’s goals of promoting new policy-oriented research and dialogue on the Indian economy and disseminating the information to policy-makers, researchers and students.

(Arul Louis, IANS)

Next Story

Richard Thaler Supported Demonetisation, there is More to the Story

Demonetisation is what Richard Thaler had long supported. However, he remarked "Really? Damn," when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 notes thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

0
22
Richard Thaler
Richard Thaler won the Nobel Prize in Economic Sciences on 9th October.Wikimedia

When Prime Minister Narendra Modi decided to scrape Rs 500 and Rs 1,000 notes last November, Nobel Prize winner Richard Thaler supported demonetization describing it as a policy that he had long supported.

Dr. Richard Thaler, a Professor of Economics and Behavioural Science at the University of Chicago won the Nobel Prize in Economic Sciences on 9th October.

Did Richard Thaler really support demonetization in the way BJP took it? There is more to the story than what meets the eye.

As soon as Thaler was declared the Nobel Prize winner, members of the Bharatiya Janata Party (BJP) started sharing Thaler’s tweet regarding demonetization on social media affirming that the move which was severely criticised by the members of the opposition was actually supported by a Nobel Prize winner. The BJP IT cell head Amit Malviya retweeted the old tweet within a fraction of a second.

However, Richard Thaler remarked “Really? Damn,” when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 note thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

It was not only the BJP supporters but also a large number of BJP leaders who were flowed away with incomplete picture depicted by Malviya and tweeted about it.‬ This included Union Minister Giriraj Singh, former BJP IT Cell Head Arvind Gupta, and many others.

Soon after, twitterati realized that the full picture of Thaler’s statement on demonetization was rather hidden.

Prime Minister Modi declared that the motivation behind scrapping Rs 500 and Rs 1,000 notes was to promote cashless economy and reduce corruption. This decision was severely criticised by different sections of the society putting on Modi the ultimate responsibility for heralding economic deceleration. Demonetisation pulled down India’s GDP growth rate to a mere 6.1% in 2016-17.

Some highlighted that the introduction of Rs 2000 note was an ephemeral panacea for remonetization and that its printing has been terminated.

-Prepared by Mohima Haque of NewsGram, Twitter: mohimahaque26

Next Story

PM Narendra Modi: Don’t believe in vote bank politics, Nation comes first

0
23
Prime Minister Narendra Modi.
Prime Minister Narendra Modi. Wikimedia

Varanasi, Sep 23: Prime Minister Narendra Modi, on Saturday, said that the BJP did not believe in vote bank politics as the country was above party politics. This is his second day of the visit to his parliamentary constituency in Varanasi.

Modi told a gathering that he had launched a major war against corruption and the corrupt to ease the life of the common man. He also said cleanliness was worship for him as it could rid the poor of various diseases and a lot of economic burdens.

“Governance for us is not about votes or winning elections. The priority is the development of the nation. For us, the country is bigger than party,” he said, in his address to farmers in Shahanshahpur on the outskirts of Varanasi.

He said most of the problems faced by the common people in India were rooted in corruption.

“I have launched a war against it and will take it further to ensure that graft is weeded out from the country.”(IANS)

Next Story

PM Modi in Varanasi: Sanitation is worship, Cleanliness Is a Way to Serve the Poor

0
30
The Prime Minister, Shri Narendra Modi addresses the gathering, at Shahanshahpur, Varanasi Varanasi, Uttar Pradesh on September 23, 2017.

Varanasi, Sep 23 :  Prime Minister Narendra Modi, while addressing a public gathering in Varanasi said that sanitation is worship for him, as it can rid the poor of various diseases.

The gathering was largely attended by people on the second day of his Varanasi visit. Modi visited, Shahanshahpur a village of his Lok Sabha constituency. Where he laid the foundation stone of a public toilet in the area.

“That is because sanitation is also a kind of worship for me. It will rid the poor of my country of various diseases and the economic burden due to those diseases that result from dirty surroundings,” he said while addressing people there.

He said while no one likes garbage, everyone in India shies away from the responsibility of keeping their surroundings clean.

“It is the responsibility of every citizen and every family to keep their surroundings clean so we are able to build clean villages, clean cities and a clean nation,” Modi said.

The Prime Minister urged people to take one resolution each, to improve the nation by 2022. The year will also mark the 75 years of independence.

“In the coming five years, we have to be committed towards that resolution. If 125 crore people take one resolution each and live up to it, then the nation would move 125 crore steps forward in the next five years,” he said.

(IANS)