Economy of India is poised for strong, sustainable and balanced growth with positive structural reforms: Arun Jaitley
Washington, October 13: The economy of India is poised for strong, sustainable and balanced growth backed by the Government strong focus on implementing structural reforms. This was said by Finance Minister Arun Jaitley on Friday in an interactive seminar organized by FICCI on “India Opportunity” in Washington, US.
On this occasion, Finance Minister Arun Jaitley noted that Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms and there is clear evidence now that slowdown effect of demonetization and GST has now more or less played it out.
“The implementation of the GST from July 1, 2017, and its gradual complete transition, a follow-up to demonetization, and enacting other structural reforms by the Government of India would take the economy towards higher growth trajectory,” Arun Jaitley added.
The Finance Minister also spoke on the bold reforms carried-out in India which now have created impressive opportunities in Infrastructure assets resolution under Insolvency and Bankruptcy Code (IBC) process and in the financial sector.
Further, Minister Jaitley noted that FDI flows to India have increased in 2016-17 over 2015-16, indicating improved global confidence in the Indian economy. He also spoke about the interface between the global and the Indian economy, national investments and the Infrastructure Fund and reform initiatives of the Government of India, especially to improve Ease of Doing Business.
Finance Minister Arun Jaitley is currently on a one week official tour to Washington D.C. to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel Governor of RBI, Secretary of Department of Economic Affairs Subhash Chandra Garg and other officials.
On the sidelines of the World Bank and IMF Meetings, Finance Minister Arun Jaitley held bilateral meetings with the US Treasury Secretary and the US Commerce Secretary in Washington and discussed the Indo-US Economic Cooperation, in particular, how Bilateral Trade And Investment can be improved between the two countries.
Arun Jaitley later participated in the G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington in which the discussion was focused on the agenda items pertaining to Global Economy and Framework for Growth, Compact with Africa and International Financial Architecture.