'Reform or Perish' was the challenge before the Indian economy: Jaitley

Finance Minister Arun Jaitley outlined fourteen game changing decisions of the government which impacted the economy. The Indian economy expanded at a rate faster than any other country in the world.

New Delhi: The Narendra Modi government "systematically and consistently" introduced the much needed second generation reforms, said Finance Minister Arun Jaitley on Monday as he highlighted several "game-changing decisions" taken over the last five years.

• In the last five years Modi government did not increase any tax rather reduced it & even then made the economic condition stronger. pic.twitter.com/IaBDsxi3Gq

  — Chowkidar Arun Jaitley (@arunjaitley) March 18, 2019 " class="align-text-top noRightClick twitterSection" data="

  In the last five years Modi government did not increase any tax rather reduced it & even then made the economic condition stronger. pic.twitter.com/IaBDsxi3Gq

  — Chowkidar Arun Jaitley (@arunjaitley) March 18, 2019

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  In the last five years Modi government did not increase any tax rather reduced it & even then made the economic condition stronger. pic.twitter.com/IaBDsxi3Gq

  — Chowkidar Arun Jaitley (@arunjaitley) March 18, 2019

The senior BJP leader highlighted taxation reforms, measures to curb black money, enactment of Insolvency and Bankruptcy Code, demonetisation, steps to check inflation, promoting cooperative federalism, roll out of Ayushman Bharat scheme, social sector investment and infrastructure development as the government's game-changing decisions.

"Five year is not a long period in the life of a nation. It can, however, be a turning point in its direction for progress," he said and added the year 1991 was an important watershed in Indian history.

Continuing his 'Agenda 2019' series of blogs, Jaitley said the then Prime Minister P V Narasimha Rao was confronted with an economic crisis. The economic situation compelled reforms.

Jaitley further said the National Front government partly rationalised direct taxes and the first NDA government took key decisions with regard to infrastructure creation and prudent fiscal management.

'Reform or Perish' that was the challenge before the Indian economy.

Therefore, the government systematically and consistently introduced several reforms spread over a five year period which will go down in India's economic history as the 'Second Generation' of reforms that were much needed, Jaitley said.

"I have outlined above only fourteen game changing decisions of the government which impacted the economy. The economy expanded at a rate faster than any other country in the world. Our revenues went up and we ensured that the benefit of prosperity and the first right to the exchequer going to the poor is maintained.

(Inputs from PTI)