"There is the potential for double digit growth but something has gone wrong with the governance model in India. In any democracy, the Prime Minister has to be the natural leader of a country and party," he said.
"But India over the last few years has been experimenting with a style of governance that is more akin to a corporate model, with a board of directors and a professional CEO," he said, in an obvious reference to Congress party chief Sonia Gandhi.
The senior BJP leader blamed the current low growth rates on a lack of leadership within the Congress-led government.
Jaitley said that there is a strong desire for change in India which will propel the economy towards double digit growth figures.
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"(Prime Minister) Dr Manmohan Singh is an economist; if this is what an economist can do, one has to wonder....India is looking for a change so that we can go back to that strong point in the economic graph," 60-year-old Jaitley said.
"Indian democracy has a great resilience and it will try and find its own solutions. The country needs to be run by someone of proven ability and that is ultimately for the people to decide. We need a strong anchor, in terms of a party and a leader," he said.
"In the next few months of the run up to the elections, we will continue to advance this debate and I am fairly optimistic of the outcome," Jaitley said, calling for OFBJP's support in the party's campaign.