Mumbai: Finance Minister Arun Jaitley today asserted that India must completely open up its economy to global investment, except for rare sectors.
“… (from) directions which we have seen in the last 15 months, I think one of the first principles was except for rare sectors, India must accept that it has to completely open up.
“And therefore, sector after sector which remained closed, we have to offer ourselves as a recipient of global investment, and that is the direction in which the present policy regime of the government has moved,” he said at the SBI Banking and Economics Conclave.
Jaitley said growing at 8-10 per cent for a significant number of years will help India find an answer to poverty.
“It’s only then we will be able to create jobs. It’s only then we will be elevated to a category of society which is able to realise its entire full potential,” he said.
While macroeconomic indicators like inflation and industrial production were positive, he said, the challenges included slow credit off-take.
“Positive side is our services will grow well. Rain Gods have been somewhat kinder to us this year… Monsoon except for two patches — Marathwada and Rayalseema — by and large has been adequate with rains in most parts of the country and therefore, we are expecting a good harvest,” Jaitley said.
The Minister said indirect tax collections have also been good so far this fiscal and is indicative of a positive trend.