India carried out structural reform at the right time, says Jaitley

India carried out key structural reforms at the right time — when the growth rate was high — and it will serve the country well in the days to come, Finance Minister Arun Jaitley ( pictured) said on Sunday.

Some of the key reforms, including demonetisation and the goods and services tax (GST), were carried out keeping in mind their long-term benefits to the country’s economy and as a result India’s growth rate is now headed for a higher trajectory, he said. “When the world was growing at two-and-a-half per cent, India was the fastest-growing major economy in the world. That was a time to really fix the roof. You don’t have to wait for a downward slide in order to do it,” Jaitley said.

“I think, this was just the right time to bring about structural changes,” he said. The finance minister took a shot at his critics who claim that demonetisation has hurt the Indian economy — at least in the short-run. “The fundamental question is: Does India continue to indefinitely be a cash dominated economy? To say it’s a very risky proposition, it will have adverse consequences for a quarter or two, so let’s not attempt it? Can India say, you will have de-stocking, so let’s not attempt a GST,” the finance minister asked.