Next 2-3 years ‘very critical’ Next 2-3 years ‘very critical’ for economic reformsfor economic reforms

Arun JaitleyArun Jaitley

 ““very very criticalcritical” ” 

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Finance Minister Arun Jaitley  said  the next two to three Finance Minister Arun Jaitley  said  the next two to three years will be “very critical” as the government plans to years will be “very critical” as the government plans to

implement a series of reforms that will help India reach its implement a series of reforms that will help India reach its “destination targets” of growth higher than the current “destination targets” of growth higher than the current

seven to 7.5 per cent.seven to 7.5 per cent.““In India today neither the government, the people or the In India today neither the government, the people or the

industry are very excited about a seven to 7.5 per cent industry are very excited about a seven to 7.5 per cent growth rate because everybody realises, including me and growth rate because everybody realises, including me and the prime minister, that probably, our potential is a little the prime minister, that probably, our potential is a little

higher than that,” Jaitley said.higher than that,” Jaitley said.““I have no difficulty in saying I have no difficulty in saying that any decision which is that any decision which is

retrospective, except in some retrospective, except in some very unusual circumstances, very unusual circumstances, which creates fresh liabilities which creates fresh liabilities is certainly not acceptable,” is certainly not acceptable,”

he told a New York audience.he told a New York audience.

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Jaitley, who is on a 10-day trip to the Jaitley, who is on a 10-day trip to the US, said in the last few years, India’s US, said in the last few years, India’s credibility as an economy was being credibility as an economy was being shaken.“The last few years we lost shaken.“The last few years we lost

the way once again. The reason why the way once again. The reason why we lost way (is that) in terms of we lost way (is that) in terms of

political administration and in terms political administration and in terms of policy, we went wrong. In terms of of policy, we went wrong. In terms of political administration, within the political administration, within the government structure the prime government structure the prime

ministers never had the last word, ministers never had the last word, authorities were outside the authorities were outside the

government structure — the kind government structure — the kind that could happen in a communist that could happen in a communist

state. Devoid of that political state. Devoid of that political authority, decision making came to a authority, decision making came to a standstill. The prime minister did not standstill. The prime minister did not

have the last word and there were have the last word and there were serious apprehensions that decisions serious apprehensions that decisions

were being taken or not taken for were being taken or not taken for the wrong reasons,” he said.the wrong reasons,” he said.

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He said that on the policy front, He said that on the policy front, where the country went wrong where the country went wrong

was that the government started was that the government started concentrating not on increasing concentrating not on increasing

productivity or generating productivity or generating wealth but on just distributing wealth but on just distributing what the country already had.what the country already had.

““It did not work. We were falling It did not work. We were falling off the global radar but in India off the global radar but in India there was a huge change that there was a huge change that had taken place between the had taken place between the

1970s and this generation where 1970s and this generation where people were getting restless and people were getting restless and

they knew this is not our they knew this is not our potential,” he said.potential,” he said.

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