Union Finance Minister Arun Jaitely has asked the industry to prepare themselves for the better times, terming global slowdown is temporary.

Jaitley said “We are passing through transformational times and in these transformational times, those who have taken over the challenge, I think must seize this as a global opportunity,”

He was speaking at the inauguration ceremony of the India International Footwear Fair here in Pragati Maidan, New Delhi.

The world is not doing well today at all, it is in a slowdown mode now, he said.

“Therefore with the globe not doing so well, global markets shrinking, some of the more advanced units, particularly in leather are facing challenge because of shrinkage of global markets, but that’s not an everlasting phenomenon. That could be a transient phenomenon, and even in that we have to seize the opportunity for ourselves,” he said.

Stressing that India has potential particularly in non-leather footwear to become a world beater, he said, this is one industry that India is capable of finding core competence.

Over the last few years India has shown potential as far as services are concerned but for some reason the country missed out in manufacturing, he added.

Minister said that the two textile and leather are the two big employment generator in the manufacturing sector.

Lighting on the various steps taken by the government, the Finance Minister said last four months have seen three very significant steps–Aadhaar, Bankruptcy Code and the GST law.

In the biggest tax reform since Independence, the Rajya Sabha on Wednesday approved the Goods and Services Tax (GST) bill to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world’s biggest single market.

“These spate of changes are taking place, when the world is otherwise in a slowdown phase,” he said. (KNN Bureau)