The Indian Express (Delhi Edition)
Jaitley woos China firms to invest in infra sector
MAKING A strong pitch for Chinese investments in India's expanding infrastructure sector, finance minister Arun Jaitley on Friday said India will be the only economy which is poised to grow at 7.5 to 8 per cent in an "unsupportive global environment".
Addressing 'Invest in India' Business Forum here, Jaitley said "in the immediate future we will certainly maintain the growth rates which we have".
"Hopefully if there is good monsoon this year, which is expected to be, we have a potential to improve upon those growth rates. Even in an unsupportive global environment we probably would be only economy which moves up towards 7.5 per cent and more towards the eight per cent growth rate," he said referring to the IMF downgrading global economic growth.
"In a supportive global environment if things change for the better I do not know what the rate itself would be. But I am assuming that the global environment would remain the same," he said laying out a detailed roadmap for massive development of rural and urban infrastructure across India. Therefore India in these roadmaps offers an attractive opportunity," he said at the meeting attended by top Chinese bankers and wealth fund managers. "Because this size of the economic activity is now going to carry on and expand in the next few decades," he said inviting Chinese firms to step up investments in India.
Outlining measures initiated by his government, Jaitley said Goods and Services Tax (GST) bill which is pending in Rajya Sabha is expected to be passed soon.
"We are now trying to bring direct taxes down and the corporate tax to a highest level of 25 per cent. The first significant step in this regard has been taken. Over the two to three years one can expect major reforms in that direction," he said.
"Indirect reform is pending before the Parliament and I hope to see it through very so on. It is called Goods and Services Tax (GST). We had a major challenge about resource allocation in India. We completely distanced the government from allocation and allowed the market mechanism now to determine that," he said.