Global investors’ summit: Arun Jaitley calls on pvt sector to start investment cycle

The finance minister said the country was maintaining a respectable growth and that the pace of public investment has picked up.

Written by Milind Ghatwai | Indore | Published: October 23, 2016 12:35 am
Arun Jaitley, Jaitley, Shivraj Singh Chouhan, Global investors’ summit, inflation, GIS, india investment, india news, business news Finance Minister Arun Jaitley with Union Minister Ravi Shankar Prasad along with industrialists at the Global Investors’ Summit in Indore, on Saturday. (Source: PTI)

Finance Minister Arun Jaitley on Saturday prodded the private sector to do its bit to spur growth because surplus monsoon and agriculture production have controlled inflation.

Speaking at the inaugural function of the two-day Global Investors’ Summit (GIS), the finance minister said the country was maintaining a respectable growth and that the pace of public investment has picked up.

“Normally the industry is ahead of the government but we are waiting for your pace to pick up,” he said while responding to Hinduja group co-chairman Gopichand Hinduja’s lament that pace was leaving much to be desired. Hinduja was the first speaker among industrialists who included Anil Ambani, Kumar Manglam Birla, and Dilip Sanghani among others.

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Hinduja, who attended the MP event for the first time, called Narendra Modi an excellent PM who had fire in his
belly and suggested that his team lacked the pace to implment his vision.

Praising chief minister Shivraj Singh Chouhan and the double digit growth achieved under him, the finance minister said MP’s best was yet to come. He said the state had certain historical disadvantages and was one of the BIMARU states with abysmal roads, lack of electricity and lack of water before it turned itself around in the last 13 years of the BJP rule.

“The same historical disadvantage will put the state in an advantageous position once the GST rolls out because of the state’s strategic location. India will become one market and the seamless flow will necessitate creation of supply chain and MP is the best place. it can supply goods in all four directions,” said the finance minister.

Jaitely said that the turning point in MP’s history came when it achieved more than 20 per cent growth in
agriculture. “Such double digit agriculture growth ensures repeated election of chief ministers because it increases level of social satisfaction,” said Jaitley. He said MP has decisive leadership, business friendly
policies and a strong consumer base.”

Indore’s meet is the fifth Global Investors’ Summit in the state and the number of investors and participating countries has increased over the years.

Recalling the difficulties ahead of the first summit, chief minister Shivraj Singh Chouhan said, “they used to ask where is MP?”

Chouhan, who will complete 11 years in office next month, said the current summit had investors from 42 countries. He said the state was power surplus, had a phenomenal agriculture growth rate and has land bank of 1.25 lakh acre.

The CM said of the total investment committed in 2014, projects worth Rs 2.75 lakh crore have materialised. He said
175 food processing units and 92 renewable energy units have started working in the last two years. He reeled off the names of many units that have started working in the last two years.

Chouhan said 300 services have been brought under the purview of public Services Guarantee Act in the state. He said MP has been ranked as one of the five top states on ease of doing business parameter.

ADAG chairman Anil Ambani, who has attended all five investor meets in MP, said industries were spoilt for choice with several states wooing them.

While Praising Chohan, he said the same can’t be said about leadership. While asking for quicker pace of implementation, Ambani said the governments should spell out policies upfront rather than being vague.

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