Sunday February 25, 2018
Home Uncategorized Jaitley blame...

Jaitley blames 1971 mindset for lost opportunities of last decade

0
//
74
Republish
Reprint

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)

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

India, Canada Pledge To Fight Terrorism In All Forms

Modi and Trudeau also welcomed the agreement on a bilateral Framework for Cooperation on Countering Terrorism and Violent Extremism that was signed between the two countries

0
//
12
India Canada pledges to fight terrorism of all kinds together. Facebook
India Canada pledges to fight terrorism of all kinds together. Facebook
  • India and Canada pledged to fight terrorism in all its forms
  • Modi and Trudeau also agreed on the Framework for Cooperation on Countering Terrorism and Violent Extremism
  • Both the countries are looking forward to a cooperative future

India and Canada on Friday pledged to combat terrorism in all its forms and manifestations while declaring that no country should allow its territory to be used for terrorist and violent extremist activities.

The assertion by the two countries came in a joint statement issued after talks between Prime Minister Narendra Modi and his Canadian counterpart Justin Trudeau and assumes significance in the context of perceived softness on the part of Canada towards Khalistani separatists operating on its soil.

India and Canada pledged to fight terrorism together. www.affairscloud.com
India and Canada pledged to fight terrorism together. www.affairscloud.com

“Recognising that terrorism, violent extremism and radicalisation to violence present acute challenges to global peace, stability and prosperity, the leaders resolved to combat terrorism and violent extremism in all their forms and manifestations,” the joint statement said.

“They called for bringing terrorists to justice and holding accountable state sponsors of terrorism, including cross-border terrorism. They further emphasised that no country should allow its territory to be used for terrorist and violent extremist activities.”

Modi and Trudeau also welcomed the agreement on a bilateral Framework for Cooperation on Countering Terrorism and Violent Extremism that was signed between the two countries.

The Framework recognised the urgent imperative to disrupt recruitment, terrorist movements and the flow of foreign terrorist fighters, address the threat posed by cross-border and state-sponsored terrorism, stop sources of terrorist financing, dismantle terrorist infrastructure and prevent the supply of arms to terrorists and counter violent extremism and radicalisation to violence.

The two sides emphasised the need to deny operating space to terrorist and violent extremist groups.

Framework for Cooperation on Countering Terrorism and Violent Extremism was signed between the two countries. Wikimedia Commons
Framework for Cooperation on Countering Terrorism and Violent Extremism was signed between the two countries. Wikimedia Commons

Under the Framework, both sides committed to further develop exchanges and facilitate effective cooperation in the fields of security, finance, justice, and law enforcement, including, where appropriate, at the operational level.

Also Read: ‘Vanakkam!’ Tweets Canadian PM: Justin Trudeau Joins over 200,000 People at the Biggest Tamil Diaspora Festival in Toronto

It consists of institutionalised cooperation between the National Security Council Secretariat of India and the office of Canada’s National Security and Intelligence Advisor, and regular exchanges and coordination between India and Canada, which will be guided by the joint National Security Advisors’ Dialogue.

The joint statement further said that to reaffirm the importance of lawful commerce and the freedom of navigation and over-flight throughout the Indo-Pacific region, in accordance with international law, including the rights and jurisdiction of states under UN Convention for Law of the Sea (Unclos), the two leaders supported bolstering regional connectivity through transparent development of infrastructure and use of responsible debt financing practices, while ensuring respect for sovereignty and territorial integrity, the rule of law and environment.

Modi and Trudeau also expressed “strong concern” over the prevailing security situation in Afghanistan and the recent political developments in the Maldives and their implications for free society.

The Two Countries will work together towards peace.
The Two Countries will work together towards peace.

On the economic side, both leaders agreed to realise the full potential of bilateral trade and investment and both sides will renew efforts to expand and diversify bilateral economic and commercial relations.

“They will also intensify negotiations to finalise a Comprehensive Economic Partnership Agreement and a Bilateral Foreign Investment Promotion and Protection Agreement,” the statement said. Modi and Trudeau also agreed to strengthen bilateral and international cooperation to address climate change and secure a clean energy future and committed to promoting the implementation of the Paris Agreement.

“The leaders welcomed the initiative to establish the (India-initiated) International Solar Alliance to promote renewable energy for sustainable development,” the statement said. “They urged research institutions and industry in both countries to collaborate to promote greater use of solar technology.”

Also Read: India and Canada to Jointly Issue Two Sets of Diwali Themed Postal Stamps

It stated that the two leaders “underscored the importance of accelerating the global transition to affordable, reliable, sustainable and modern energy sources and acknowledged that renewable energy is a pathway to a low-carbon and more sustainable energy system”.

“Recognising the dynamic role of people-to-people ties in the India-Canada partnership, the leaders reaffirmed their commitment to address consular issues of mutual concern through discussion between the concerned officials,” the statement said. “They welcomed the expansion of direct air connectivity between Indian and Canadian cities.” IANS