“Challenge Is To Take India’s Growth Rate To Double Digits”

Arjun Ram Meghwal is an IAS officer-turned-BJP politician. A former party chief whip in the Lok Sabha, Meghwal’s induction in the Council of Ministers is said to have been lauded by the BJP and RSS machinery. Edited excerpts from an interview with him

You started off as an IAS officer. Then an MP. Then the party’s chief whip in the Lok Sabha. And now minister of state for finance. How has the journey been?
The BJP teaches that posts don’t really matter. Responsibilities do. In keeping with this philosophy, what’s at the top of my mind is how to discharge my new responsibility to the best of my abilities.

You have been awarded the best MP of the year. You are widely accessible to your people. With the new responsibility, is there a decentralisation of the finance ministry — hitherto known for the elites?
Please don’t treat this development in such a manner. Of course, performance in Parliament helps. But this is the prerogative of the Prime Minister — who to appoint a minister, and what portfolio to allocate. We are in a parliamentary democracy. In a democracy, this is the right of the PM — whom to elevate in the government, or in the party apparatus, with the suggestion of the party chief. I am grateful to the PM that he has entrusted me with the finance portfolio. Here, I will try to further take national economy on a path of onward march.

Of course it’s early days, and you are taking briefings from officials on various issues, but what are the main challenges facing the economy and your ministry?
There are multiple challenges, of course. Indian economy is growing at 7.6 per cent per annum. It grew at 7.9 per cent last quarter. We will take this to 8 per cent. One big challenge facing us is how to take this rate to double-digit growth rate.

Twenty first century would be Asia’s century. If it is going to be Asia’s century, it would be a matter of pride if it is India’s century. This is a challenge facing us — to make this India’s century.

You also hold the charge of corporate affairs. What are the challenges facing the corporate affairs ministry?
Corporate Affairs is a part of finance, and I’m minister of state in corporate affairs too. This, like finance, is an extremely important ministry. The Companies Act was amended in 2013 (originally of 1956). We have got many representations for further amendments to the Act. All such amendments are pending before a parliamentary standing committee. Once the standing committee report is out, we will move a fresh bill. This is a challenge we have right now. We will try, not in the current monsoon session, but in the winter session, to move the bill with amendments to the Companies Act.

In the current Parliament session, are you confident of getting the Goods and Services Tax Bill passed?
The evolving political equations are all in favour of the GST Bill getting passed in the current session. GST will power the growth rate in the country. Apart from ushering a high-growth era, it will facilitate ease of doing business, and financially empower the states. States want the GST Bill to be passed.

The only hindrance, one feels, is that the Congress says that it wants rate to be mentioned in the Constitution, which we say is not practical. We are trying to convince them. Going by the latest statements of Congress leaders, we are hopeful, and I feel that the GST Bill would be passed in the monsoon session itself.

Congress leaders are now talking about “rate-fencing”. Indications are that even if not in the Constitution amendment bill, but in the supporting bill the rate is mentioned, they might agree. Is this the way out?
We have no problems with the rate. Whatever rate is agreed upon by various parties, we would be okay with it. States too would be consulted. But mentioning the rate in the Constitution is not practical. For every rate change, will we bring a Constitution amendment bill? This will lead to huge complications.

I asked about a proposal that mentions the rate in the supporting bill, which needs a simple majority in the Lok Sabha for any changes. Will this be the new meeting ground?
We will sit together and discuss.

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