'Quick decision making key to economic growth'

Quick and correct decision making by the government is key to economic development, former Union law minister, Arun Jaitley, said. There are certain policies that must not change, irrespective of which party rules at the Centre, he added.

He was addressing a meet organised by the Ahmedabad Management Association (AMA). He was the chief guest for the AMA-Metrochem Outstanding Manager of the Year Award function.

Jagrut Vyas, chief operating officer, Tata Teleservices Ltd, won the AMA-Metrochem Outstanding Manager of the Year Award for the year 2003.

"If the elected establishment blinks during the decision making process, then matters are bound to fall apart. If the government does not succumb to pressure, only then will the system function efficiently," said Jaitley.

Citing the example of telecom sector, in which the UPA government has proposed to increase the FDI limit, Jaitley said that just opening up of the sector is not enough.

"Just opening the gates is not adequate. Foreign investors must feel assured that their investments are safe and the investments will lead to larger attractive returns," the BJP spokesperson said.

Without naming the left parties, Jaitley said - "Sixty three representatives of a particular ideology in the Parliament think that they have got national mandate and are stalling the very crucial process of firm decision making. However, it is also true that elected governments make decisions in a democracy like India."

Stating that key policy matters are like a relay race where the baton needs to be passed from one government to another without disturbing continuity, the former minister said that there are some things that must not change, irrespective of which party is in power.

Citing the example of textiles, Jaitley said the world will buy the best products and services at the most competitive prices.

"In the new regime, India will not compete with countries such as the US or Europe, but China. Our cost of production must be lowest in the world for us to survive, but here we have cases of governments distributing free power to farmers, which makes the cost of power in India's textile sector three times that of China," he said.