No 'poverty alleviation', PM Manmohan Singh left country with 'elevated poverty', says Arun Jaitley

Jun 10 2014, 18:31 IST
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Union Finance Minister Arun Jaitley with MoS for Finance, Nirmala Sitharaman and Finance Secretary Arvind Mayaram during a pre-Budget meeting with Banking and Financial Institutions in New Delhi. PTI Union Finance Minister Arun Jaitley with MoS for Finance, Nirmala Sitharaman and Finance Secretary Arvind Mayaram during a pre-Budget meeting with Banking and Financial Institutions in New Delhi. PTI
SummaryArun Jaitley added investors have again started looking at India after Narendra Modi took over.

Government today slammed the previous UPA regime saying it has left the country in a shambles with low growth and "elevated" poverty and vowed to resurrect the economy with a strong Prime Minister Narendra Modi at the helm.

Finance Minister Arun Jaitley also sought to allay apprehensions on account of treatment to minorities saying his government will have a "compassionate" and non-discriminatory" approach and will take "strongest" steps to ensure social harmony and national security.

Intervening during debate on Motion of Thanks on the President's address, he said NDA has come to power riding on "high expectations" of people which has put greater "burden" on the government to perform.

Quoting Narendra Modi's oft-repeated statement that participation of states was important for country's growth, he said the government will take states along and address their issues.

The government will work for pushing the country's growth which has been stuck at the "disappointing" level of less than five per cent for the last two years.

"Election results itself have become an important political statement. Once again domestic and foreign investors have started looking at India. Therefore, for us, who are the repository of public confidence, the onus is on us whether we can convert this into opportunity or not," he said.

Targeting the former UPA government, Jaitley said it had passed on to the new dispensation an economy of low growth, high inflation, high fiscal deficit and low tax collection.

He suggested that the current situation of the country was mostly because the then Prime Minister Manmohan Singh was not "tough" when situation so warranted including 2G and coal block allocation issues.

"The enthusiasm in Indian economy was shattered. Domestic investors were moving out. If there is no investment, there is no job. You have left the country, in your own words, not at poverty alleviation, but at elevated poverty," Jaitley said.

Need to reduce cost of doing business in India: Jaitley

(PTI) There is a need to reduce the cost of doing business in the country to revive the investment cycle, Finance Minister Arun Jaitley has said.

"The Finance Minister stressed upon the need to improve the business climate and reducing the cost of doing business as important means for revival of the investment cycle," an official statement said today.

He also emphasised on the need for coordinated approach by all sector regulators to achieve financial stability.

"He referred to the high political expectations from the new government and the opportunity now available

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