IBLA 2019: Here's what FM Jaitley said on farm loan waivers, interim budget and other key issues

Finance minister Arun Jaitley on Thursday addressed corporates and industry leaders at CNBC-TV18's 14th Indian Business Leader Awards.

Ahead of the February 1st interim budget and general elections in May, Jaitley spoke on a gamut of issues via video conference from New York.

On Interim Budget: Finance minister Arun Jaitley said the larger interest of the economy always dictates what goes into the interim budget, including addressing some of the challenges, hinting that the government could break convention and make the February 1 exercise more significant than a vote on account.

On Economy: Jaitley said that 7-7.5 percent growth rate will not suffice and that the 8 percent barrier will have to be crossed soon. 

On Modi Government: Narendra Modi government at the centre has succeeded in restoring the credibility of the economy and its decision-making process over the last few years, said Jaitley. 

On Farm Loan Waivers: Hinting at a farm relief package in the interim budget, Jaitley said the agriculture sector has been facing challenges, and the markets will tend to understand if the approach is rational and not populist.

On RBI: According to Jaitley, flagging concerns of the economy is not a breach of the Reserve Bank of India's autonomy. "RBI as an autonomous institution, I respect their autonomy, but in the consultation process you are entitled to freely and frankly express yourself," Jaitley said. 

On Monetary Policy: Talking about the monetary policy and Urjit Patel's exit, he said that the RBI and the government have always been in extensive consultations and both did have two conflicting, diverse viewpoints in an earlier situation, but each acts within the constraints of their domain.

On Rate Cut: Jaitley refrained from expressing any views on any rate cut and said that he will not fault the RBI or government for not having consultations. 

On Grand Alliance: The opposition 'mahagathbandhan' (grand alliance) is a club of 'nawabs of negativity' and the only 'glue' of this diverse grouping is its opposition to one man (Narendra Modi), the senior BJP leader said. 

On BJP's strengths: As against the BJP's strengths of leadership, decisiveness, performance and potential, the point being put forward by the opposition is of arithmetic, Jaitley said. In politics, it is not the arithmetic but chemistry which succeeds, he added.

On political debate: Jaitley also said there is a need to elevate the political debate in the run up to the elections and stressed that we cannot afford a "sloganised political debate" where emotional cries take over sound policy.