He said the work emphasises that it is not only reform and growth but the need is to ensure that growth is even, balanced and inclusive, adding that rising inequalities could prove fatal not only for the poor but for the?growth? itself.
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India’s Prime Minister Narendra Modi remains confident that the country’s economy will remain stable despite a global financial decline triggered by China that caused the South Asian nation’s stock market to crash on Monday, Indian Finance Minister Arun Jaitley said.
“My message to the individuals eager to do companies in India is that there’s a pink carpet laid down for you. India needs investments, India invites investments and we are going to be one of the more investor-friendly destination”, he said, adding that the current government will never resort to retrospective taxation.
Indian financial system grew by 7.3 % in 2014-15 and is estimated to develop by 8-8.5 % within the present fiscal.
“In an environment where there is a relative global slowdown, India seems to be doing reasonably well”.
According to worldwide Monetary Fund (IMF), India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5 percent.
On the other hand, China will witness a deceleration with growth rate sliding from 7.4 per cent in 2014 to 6.8 per cent in 2015 and 6.3 per cent a year after.
He said introducing reforms especially the ones needed for enhancing growth is crucial especially for generating jobs and creating infrastructure including rural is the need of the time.”Any lack in introducing reforms may prove fatal, ” Mr Jaitley said at a book release function last evening.
“PM is of the opinion that in order to further strengthen our economy, we should take more steps”, Jaitley said, adding there will be no change in the strategy and the initiative to attract investors would continue.
The finance minister said that the challenge is always there as the government is required to convince those sections of the society which are yet to benefit from the growth process.
“No doubt this turbulence is transient and temporary in nature and the markets will settle down once the turbulence is over”, he said. When the devaluation and the currency war started we did get somewhat adversely affected.
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Recalling history, Jaitley said 1971 was a “disastrous policy making event for India because instead of concentrating on higher productivity we concentrated only on redistribution”.
