Among The Fastest Growing Economies, But Can Do Better, Says Arun Jaitley In Davos

In an era of digitization, how can India be a global resource for innovation, growth and talent? Arun Jaitley, Union Minister for Finance and Information & Broadcasting; John Chambers, Executive Chairman of Cisco; Sunil Mittal, Chairman of Bharti Enterprises, and Nouriel Roubini, Economics Professor at New York University, in conversation with NDTV's Vikram Chandra at the World Economic Forum meet in Davos.

Here are the highlights of what they said:

Arun Jaitley:

• The world is facing a difficult and challenging situation
• I don’t think we are going into a critical situation, but there are unpredictabilities
• Today volatility seems to be the norm
• Shrinkage is substantial in values partly in volumes
• Currencies are impacting; stock markets are impacting
• Despite that, it is a challenge how economies are facing the situation
• Lower oil subsidy helped us re-plan government expenditure
• Savings for lower oil prices going to consumers, infrastructure and oil companies
• Rationalisation of subsidies is one of biggest reforms that has taken place
• Wrong to say government is pocketing the bonanza from lower oil prices
• Saw new India at start-up conference
• Some more steps to address the concerns of steel sector are in the pipeline

• Investors worry about a hard landing of Chinese economy
• Fall in oil prices overall positive for global economy
• Many here are asking the question whether we are back to 2008 and recession
• My answer is no
• Don't expect global economy to head into a 2008-crisis type situation
• It is true that we are going through a period of significant financial and economic volatility
• If there is a hard landing of Chinese economy, there would be a crash of the stock market
• It is true that global economy is going through a period of significant financial and economic volatility
• Biggest challenge for India is accelerating supply-side reforms
• India need to sort out GST (goods and services tax), land reforms, banking non-performing loans
• India in a sweet spot with regard to fourth industrial revolution
• Access to finance is an important issue with regard to start-ups in India

• Government policies on the right track
• Principal reason I am bullish about India for the next few years is the entrepreneurial spirit
• Government is doing a lot but it needs to do more; RBI has to lower rates more
• Prime Minister can play a huge role in stoking private investment
• PM Modi has a magical influence on business heads
• PM Modi needs to get 100 of us in a room and address our concerns
• The fourth industrial revolution belongs to India

• The kind of entrepreneurship we are seeing in India is unseen elsewhere
• India can become the manufacturing hub for Asia
• If I were to do a start-up now I would do it in Silicon Valley or in India
• The government needs to ensure robust broadband highways
• I think the world wants to bet on India
• Pieces of fourth industrial revolutions are there in India, the country has to put them together
• Broadband access to everyone is a must to foster the digital start-up revolution in India

• GST is one bill the world is watching
• GST should be cleared at the earliest