The Finance Minister Arun Jaitley on Tuesday strongly hinted that the upcoming budget would not be an exercise of "mindless populism", given that the economy is faced with severe challenges.

"The country needs to be put back on its rails and it is a daunting proposition", Jaitley said at the CA Institute's foundation day celebrations' here.

Jaitley however said that the "absolute majority" enjoyed by the BJP government will ease the decision making process for the new regime at the Centre.

"This relative ease in decision making will result in ease of doing business in India", Jaitley said, much to the relief of the investing community in the country and abroad.

He also said that new Government was willing to look at all new legislations that may have created some problems for industry.

"India is today second time in its recent history facing tough challenges on the economic front. We did make the correct decision earlier (in 1991). Once again, we need to make a right choice", Jaitley said. India has to take a call on whether to go along the path of fiscal discipline and prudence or resort to "mindless populism".

Jaitley indicated that the Centre would chose the path of fiscal discipline and not just go about following a strategy of raising taxes to fund populist schemes..

>srivats.kr@thehindu.co.in.

comment COMMENT NOW