The traditionally fractious parliament has been stalled yet again by political rows that have hindered efforts by the new right-wing government to enact reforms and revive the stuttering economy.
Stormy scenes in parliament under the previous left-leaning Congress government also hindered economic reform efforts.
“The clear choice before us is – either we reform or we miss the bus once again,” Finance Minister Arun Jaitley told a top-level corporate audience in a speech in New Delhi.
The minister added there was a need for “a shared national vision” to get India back to nine-to-10% annual growth levels it enjoyed until a few years ago to lift hundreds of millions out of poverty.
India has been stuck in the longest spell of below-five-percent growth in a quarter-century, hit by high interest rates, an investment slowdown and flagging consumer confidence.
Economic growth in the last financial year to March 2014 was 4.7% after falling to 4.5% the previous year.
This year, the government hopes growth will accelerate to 5.5% and next year “we have to first cross the six-percent-mark”, Jaitley said.
Growth downturns and uncertain investment landscapes in other parts of the world mean “investors are looking to come to India”, Jaitley said.
But to capture this investment opportunity, India needs to slash red tape, liberalise the economy, speed up decision-making and become a more business-friendly destination, analysts say.
“For the next decade we can have a full reform agenda on our table” if all sides get on board, Jaitley said.
Published in The Express Tribune, December 21st, 2014.
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@Resident Hindu Indian: Agree with you. Current history books in India only talks about Mughals, it is high time India should adopt scientific approach to history, I oppose saffronisation whatever it meanss though. Giving publicity to conversion is bad, religion should be a private affairs, BJP cannot be held responsible for conversion. I don't know what is hindu agenda is. BJP got votes for development and declaring India a secular state by implementing UCC.
@vinsin: BJP was never in majority, you read what i wrote, BJP lead opposition. Seems there is selective amnesia ..forgetting how BJP leaders yelled and stormed to well like swarm of bees on slightest silly pretext, just to Oppose Government and prevent passing of these important Bills. BJP needs to now behave like mature party and start delivering , instead of indulging in divisive agenda of Saffronisation of education, Supporting religious conversion and Killing of Mahatma Gandhi etc. It seems there are many extreme elements within BJP who are more interested in Hindu Agenda rather than Development. PM Modi is being made scapegoat and appear to be completely helpless in putting these element under leash. Incase BJP fails now..they have no one to blame but for themselves, as Modi has given majority to BJP single handed on Development agenda during elections.
@Resident Hindu Indian: Bjp was neither in majority in look sabha nor on rajya sabha last time.
BJP is getting dose of its own medicine. For more than last 4 years, BJP lead opposition were obstructionist..opposing same Bills which they are now putting up for Approval..like Insurance, GST, Land reforms etc. This clearly shows, BJP played dirty politics with lives of People of India.. Had they supported passing of same Bills 5 years back. India would have developed much more. Hence, this talk of Development etc by BJP is nothing but DIRTY Politics..where in Indian Nation suffered.