Finance Minister Arun Jaitley has said that public and foreign investment remains intact but private sector expansion is required to let the economy start firing on all cylinders. The minister mentioned that domestic investments continue to be a challenge upon the banking sector to support corporate to propel growth.
“Indian private sector needs to expand in a big way. It needs to invest and that’s when all engines of economy will start firing,” said Jaitley.
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Talking of liberalization of FDI policies because of which India has emerged as a preferred foreign investment destination, he said: “Foreign investors are getting far greater returns on their investment here than in any other country.”
He further said there is a silver lining visible with festive purchases, indicating upturn in rural and urban demand but domestic investment will have to pick up in a big way for which banks need to do their bit by supporting corporate.