Need good conventions to pass laws for reform: Jaitley

Mumbai, Aug 18 (IANS) Describing the latest monsoon session of parliament as “virtually wasted”, union Finance Minister Arun Jaitley on Tuesday urged the need to install parliamentary conventions that would allow passing of laws for reform.

“India is becoming more aspirational than probably some of its politicians. It is this mood of the country which will have to be gauged by policymakers and those who seem to be obstructionist,” Jaitley said at a Small Industries Development Bank of India (SIDBI) event here to launch a fund for startups.

“It is time we set up some good conventions as to how do you get legislative sanctions,” he said.

Elaborating on the need to change the “mindset”, the finance minister said India must accept that it has to open most sectors of its economy.

“In sector after sector, we have to offer ourselves as the recipient of foreign direct investment,” Jaitley said.

“The second part of the change is the easing of processes, where the easing has to take place in the central government, in the states, the regulators, in the mindset of our courts,” he added.

Pointing to the adequate rainfall in most parts of the country bringing expectations of a good harvest, Jaitley hoped the Reserve Bank of India, which held its key interest rate at 7.25 percent earlier this month, would take note of inflation lowering in the last four months.

“Lowering (crude) oil and commodity prices are a good opportunity for India,” he said.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here