Ordinance route no concern for investors: Jaitley

Terming the political opposition to ordinance route for reforms as ‘obstructionism’, Finance Minister Arun Jaitley said the foreign investors have no problems with these decisions and they were rather happy that the government has brought in legislations.

“I don’t think that ordinance route is an issue for them at all. They are all extremely happy that the government of India has brought in a legislation. The approval of the ordinance is a matter of cause.

“Actions taken under the ordinance are deemed to be valid and at the end of the day, everyone knows that both in the lower house and also in the joint house we have the numbers and therefore the obstructionists can only delay.

“The obstructionists cannot derail it,” Mr. Jaitley said amid a series of meetings he is having here on the sidelines of World Economic Forum with existing and potential investors.

The Minister said that the investors across sectors are very enthused about India and were waiting to come in.

To a question on when he expects investments to pick up, Mr .Jaitley said: “We are quite close to that point because there are a large number of investors who are waiting to come in and they only want to be doubly sure about the credibility of the decision making process and the stability of the policies.”

“Banks, insurance companies, manufacturing companies and technology companies all are looking at India. Of Course some of them do have issues, but uniformly all of them are enthusiastic about the changes that are taking place in India.

“The government has made its intention very clear about the roadmap that it wishes to pursue. Some have individual issues and I think meeting them here adds to the comfort of investing in India,” he added.

On whether a joint session of Parliament could be called to clear reforms, Mr. Jaitley said: “I am not saying it is a possibility as I hope that the situation does not arise.

“Also, don’t forget since this government came to power there have been seven state elections and we have won most of them. Along with our ally, we won Andhra Pradesh election, J&K is a divided house and we did extremely well.

“BJD won Odissa elections. It’s a pro-reforms party. The Telangana Rashtriya Samiti won the Telangana elections and that party is also certainly not obstructing any reforms. All seven, Delhi is 8th which is going to polls, states have shown that the obstructionists have lost everywhere. This is a signal the global investors are closely watching,” he added.