Finance Minister Arun Jaitley said some aspects of Land Acquisition Law need to be relooked at
Finance Minister Arun Jaitley today spoke at the India Economic Summit in Delhi. Here are some points he made:
- Reforms in developed society are different because people there have already tasted fruits of development. In a country where a very large number of people are so poor, marketing reforms to them is very challenging for a government
- Our reform process cannot be one that simply confronts public opinion - doubts have to be cleared. Debate has to continuously go on
- Reforms process in India has to weigh the requirements of each sector
- Have recently opened up defence sector- it was always considered very sacrosanct in India. As a result, we became only buyers.
- India had fallen off global radar over last 2-3 years. Buzz around India is back.
- Allegations of crony capitalism were true (under last government). Element of fairness in the system was lacking.
- Retrospective tax (Vodafone case) was a bad idea which damaged the economy.
- Taxpayers can't continue to pay for loss-making businesses. We will continue on path of divestment. Will look at some Public Sector Units that may do better in private hands
- We are liberalizing insurance sector a little more - hope the amended bill would be passed by Parliament later this month.
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