Newly-appointed Finance Minister Arun Jaitley, taking over the post at a time when India’s economic growth has a hit a decade low sub 5% levels, underscored his three priorities, including, fiscal consolidation, curbing inflation and balancing act on managing inflation without hurting growth. While expressing his gratitude to the Prime Minister, Jaitley highlighted that mandate of government had an inbuilt hope and change of the government would send out a strong signal to global community, who for some time now have preferred being on sidelines amidst political uncertainty.
Jaitley, a top corporate lawyer, who would be handling both the finance and defence ministry in the new administration of Prime Minister Narendra Modi, would be inheriting an economy that is growing at snail's pace, struggling with higher interest rates, high inflation, high fiscal deficit and is on the verge of a sovereign downgrade by ratings agencies.
Also, the newly appointed minister assured of expediting the decision making processes at a time when investment cycle has stalled and many key reforms have been shelved due to lack of political consensus. The country's finances continue to be precarious and Jaitley will have to walk a tightrope between growth and cutting deficit.