Arun Jaitley, the Finance Minister of India, said today that India has a growth potential of a really high level in the coming decade or two and this is because of the government’s structural changes and the big turnaround that is going on in the global economy.
He told the audience in Washington today that the entire environment of doing business in India has changed drastically in a matter of months and would continue to do so. This address happened at an event that was organized by the US-India Partnership and Strategic Forum.
Jaitley further said that India’s growth is to be credited mainly to the structural changes and reforms that the government of India is carrying out. Because of all this a massive investment opportunity is opening up in India due to the infrastructure sector.
He is certain that growth is finally coming back to the world with all the past market crisis behind them. He also said that the future has an important direction for our country India. As the country’s size and the size of India’s economy is huge, it offers huge opportunities for investment in the country for the coming few years.
He said that since BJP came into power (2014), they had a choice to let the shadow economy to continue or stop it by taking courageous steps like demonetization of currency. There was a clear short term impact on the economy of the country but in long term, it is definitely going to help the country.
Pitching India as a country that is investor friendly, he said that the government has taken a lot of steps for making business easy in the country. He also said that the country is one of the most open economy on a global stand point and with things like GST, the system has brought the country together in terms of economics and free flow of services and goods in the country.