He also listed out various reform measures undertaken by the Modi government in the last 22 months. Shri Jaitley called for increase in investment by Australia businesses in India as they can get better returns on their investment.
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Finance Minister Arun Jaitley on Thursday met Australian Prime Minister Malcolm Turnbull as he highlighted the potential of the Indian economy to grow beyond the current rate of 7.6 per cent and the large scope for higher economic exchanges between the two nations.
India’s GDP growwth could exceed 7.5 per cent with better monsoons and global tailwinds, Jaitley said. “Manufacturing must occupy a space”, Jaitley said, adding that global investors must look at India.
“There is no question of the reform momentum slowing down”, he said.
Jaitley told Morrison that India was keen to learn from the Australian experience in implementing the Goods and Services Tax, a bill on which is now stalled in Indian parliament. He said the government had taken steps for cutting red tape and simplifying rules and procedures including delicensing the business environment among others.
Stating that the Australian mining service sector was a huge sector but is under severe pressure, Mr Janakraj said a lot of Australian expertise can help India in various sectors. “That is an important work that is still in progress in India”, he said.
Talking about the event, the former industry minister in Australia Andrew Robb stated Australia had a plenty to provide with regards to knowledge to India.
“Opening of the Indian economy and sectors like insurance, railways, defence and several others which were earlier unavailable for FDI has helped us”, he said at the Sydney campus of the SP Jain School of Global Management.
Calling the political crisis in Uttarakhand an internal problem of Congress, Jaitley said, “They lost a chunk of leaders because the leaders felt that their central leadership was not available even for a meeting or speaking to them”.
Mr. Jaitley indicated that India has been given a second chance to transform itself into manufacturing hub with “Make in India” campaign launch.
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Recalling the recent high level visits between two countries, both the leaders expressed satisfaction over ongoing cooperation in various areas of bilateral cooperation.
