India to maintain 7 to 8 percent growth rate over the next decade : Arun Jaitley

 

 

 

New York, December 6: Finance Minister Arun Jaitley said that India is likely to maintain the high growth rate measuring to 7% or 8 % over the next decade. He said that as the country aspires to cross the 7% mark, this economic growth rate by Indian standards is now considered to be the lower end of the moderate growth rate. Jaitley was addressing at the inaugural ceremony of the conference hosted by Insolvency and Bankruptcy Board at the Indian consulate general in New York through video conferencing.

 

The conference, attended by Principal Economic Advisor in the Ministry of Finance Sanjeev Sanyal, Insolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo and Consul General Sandeep Chakravorty, industry analysts, investors and policy experts, was organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) in partnership with the IBBI and the Consulate General of India in New York.

 

Highlighting the investment opportunities in India, Jaitley said that countries land reforms such as the insolvency and bankruptcy code also offer an attractive and conducive environment to foreign investors to the country. He noted that about 1200 applications have been filed as far as resolution under the IBC are concerned and about 1000 cases are pending. “This is the great opportunity in India for the investors to come and build for these assets. I say this because of more than one reason. The number of assets that are going saw takeover through the IBC process.”, said Jaitley.

 

“This also would be directly related to how we see the Indian market economy over the one or two decades. Any ling term investor would be interested in looking at the potential aspects concerned depending upon the market available in India itself.”, he added while addressing.

 

Jaitley stressed that even though it has been a little less than two years since the Insolvency and Bankruptcy Code of India became operational, it was anticipated that in the initial stages there will be some teething troubles. "But I must confess that it's moved on and it's effectiveness has proved far better than what I had expected. Our experience of the last two years indicate that a large number of cases have resulted in a situation where the lender-borrower relationship in India has now significantly changed," he added further.

 

Arun Jaitley expresses satisfaction that the government's experience with regard to IBC so far has been extremely good and even though it had anticipated many more hurdles in the initial years of bringing the code, it has been far smoother than what the Finance Minister had anticipated.

 

"In the coming months and years, because the initial law itself has been laid down, I expect this process to be much more expeditious than what it has been in the past.", he concluded.