In India, politicians are accountable but regulators are not, says Arun Jaitley

Arun Jaitley took a dig at banking regulators in a response to incidents of largescale scams and defaults, saying in the country only politicians faced flak for such issues while regulators manage to skip the heat.

Voicing concerns on wilful defaults at the 4th Global Business Summit, Jaitley said, sections of Indian business lag behind and must introspect Cases of wilful defaults, banks frauds killing ease of doing business efforts.

Replying to a question on judicial interventions affecting the overall economy, he said, " Study needs to be done on what is the negative impact on GDP and amount of job loss due to judicial decisions."

These are the key highlights of Jaitley's address

• If any investor is still using Vodafone case as a reason to not invest in India, for sure he has other reasons to invest elsewhere.
• There is no issue of lack of resources as far as states are concerned. States have been very well taken care of.
• Vodafone tax decision was an erroneous decision.
• Demonetization will in the medium and long term move us towards a cashless economy. GST expected to boost revenues going forward after some measures put in place.
• The central banks have matured and take a comprehensive view of things. It would be wrong to say they disregard growth.
• Sections of Indian business lags behind and must introspect.
• Creating shell companies, round tripping money have gone on for decades.
• Cases of wilful defaults, banks frauds killing ease of doing business efforts.
• India's performance in the last 4 years have allowed the various economic reforms.
• Global economy was not doing well and oil prices dropped and hence export last year was less.
• The main goal of ease of doing business should be make India a better investment avenue
• Federal cooperation is paramount for the economy going ahead. This will enable us to move into " New India".
• With micro reforms underway, India has potential to reach 50th rank on ease of doing business soon.
• Infrastructure creation has gained a lot of speed and that needs to continue, including airlines and aviation.
• Our rural roads, highways, ports are turning out to be our success stories. Railways to be next.
• Tighter laws ahead to ensure criminal acts in business punished wherever the culprit is.
• The old concept that the money that has been borrowed may or may not be returned has to end now.
• Political corruption in New Delhi has been brought down significantly.
• Creating shell companies, round tripping money have gone on for decades.
• Technology and digitisation is helping in compliance.
• Air India disinvestment is a big one and seems to be progressing quite well.