Arun Jaitley addresses ‘Invest in India’ Business Forum in Beijing

Story By: Rajesh Sharma
Friday, June, 24 2016 - 13:57

Indian Finance Minister Arun Jaitley addressed ‘Invest in India’ Business Forum in Beijing on Friday.

At the meeting attended by a large number of top Chinese bankers and wealth fund managers, Jaitley said that India will be the only economy in the world which is poised to grow at 7.5 to 8 per cent in an “unsupportive global environment”.

“India offers an attractive opportunity”, he said inviting Chinese firms to step up investments in India. Jaitley said that Indian government is putting a lot of resources in rural sector like rural sanitation, roads, electrification, railways infrastructure, renewable energy, establishment of smart cities, manufacturing, etc.

 Investors can look at each individual project or they can even look at the national infrastructure investment fund which government has set up, remaining a minority partner consistently.

“We passed the bankruptcy law which makes exits even easier. Over the next one year besides the indirect tax reforms and certain reforms in the company law, certain reforms of regulations in banking and easier resolution of disputes are all legislative changes which are pending,” he said.

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 soon. 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,” Jaitley said.


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