Reform momentum to gather pace in coming years: Jaitley

Economic reforms will continue to gain momentum in coming years as the country looks to push growth and attract investment in the infrastructure sector, Finance Minister Arun Jaitley said on Friday. "India stands out with one difference today. Our reform process in India is an ongoing process. It has picked up pace in last two years and I do anticipate in years to come, it will continue to gain pace," he said after inaugurating permanent office of European Investment Bank here.

"Contrary to all the global noises we see in various parts of the world, there are no voices of protectionism in India and therefore, we have opened up in terms of our economy and today we are amongst the most open economies in the world," he said. Meanwhile, European Investment Bank (EIB) announced new commitment of 450 million euro for various projects in India that will support sustainable transport and renewal energy. Pointing out that India is running one of the largest infrastructure creation programmes of the world, Jaitley said the country requires investment in various sectors including public transport, water management, sanitation, urban development, creation of highways, creation of rural infrastructure etc. "I think in the next two decades, at least I see India's hands full in trying to expand this infrastructure and get rid of deficit that existed in India," he said, reports PTI.

For development of infra projects, he said, the country needs a lot of public investment, international investment in terms of FDI and funding from various agencies.