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Tuesday, January 13, 2015

Government is moving rapidly with proactive policy making to regain overseas investors' confidence: Arun Jaitley

Delivering the inaugural address at the “Invest in India summit 2015” in Gandhinagar, Shri Arun Jaitley, Minister of Finance, Corporate Affairs and Information & Broadcasting said “At a time when we all have gathered here to discuss how to ensure finance for the future growth, introspection of why investors stopped investing in India can be of great help. Delay in decision making and aggressive tax regime are some of the factors, which has restricted the flow. But now, with some policy initiatives like FDI in sectors such as insurance & defense, the Central Government is trying hard to regain the confidence of the foreign investors. We are committed to ensure ease of doing business. Further, core focus on rural segment, infrastructure and smart cities is also expected to give a fillip to the investment.” 

The summit was organized by Union Ministry of Finance & Finance Department, Government of Gujarat in association with Confederation of Indian Industry (CII) and GIFT. Discussion during the summit, held at Mahatma Mandir, Gandhinagar as a part of ongoing Vibrant Gujarat Investors' Summit, revolved around its theme of “Financing for Future Growth”. Twelve memorandums of understanding (MoUs) were also signed during the summit between private companies / organizations & various departments of Government of Gujarat in the presence of Shri Jaitley, and Smt. Anandiben Patel, Honorable Chief Minister of Gujarat. 

Earlier, in his opening remarks, Shri Saurabhbhai Patel, Finance Minister, Government of Gujarat, said “With proactive industrial & IT policy, Gujarat has provided a conducive environment which can facilitate realization of Honorable Prime Minister's vision of “Make in India”. Further, the state has also identified some labor intensive sectors and special incentives are being offered in order to ensure capital inflow to these sectors.” 

Delivering special address at the inaugural session, Dr. Arvind Subramanian, Chief Economic Advisor, Ministry of Finance, Government of India, said “Unlike 1980s & 90s, voters now give decisive political mandate for decisive economic change. In such a scenario, reforms by Center combined with competitive federalism are now two potent streams for the positive change required for funding the future growth. At the same time, participation of private sector and competition between the states for fetching investment are also good sign for the growth process.” 

Giving details of India's funding requirement and potential options for the same, Dr. Hasmukh Adhia, Secretary, Department of Financial Services, Ministry of Finance, Government of India, said that if we want to maintain a GDP growth rate of 7% per annum, financing of various sectors needs to grow at an annual rate of 18%. In other words, it requires investment flow of US $ 800 billion i.e. Rs. 50 lakh crore per annum. To ensure this much amount of capital, we need to focus more on domestic fundings. Corporate debt market can be a good option for this purpose. Similarly, we also need to increase saving to GDP ratio, Dr Adhia stated. 
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