Prioritising the need to open up economy further, Finance Minister Arun Jaitley today said the Centre will step up on reforms to attract more investment and fill up infrastructure deficit, even as he asserted there is a “great amount of impatience” on the growth front. Speaking at the India-UK Tech Summit here, he said unlike developing economies, voices seeking protectionism are almost absent as the economy expands.
“I think one of the great strengths of the Indian economy is that even though we are growing at the fastest rate than any major economy, but by our own standard we are still not satisfied. There is a great amount of impatience in India and a far greater amount of realisation that we can grow even faster,” he said.
Watch What Else Is Making News
Seven decades after independence, India’s voice is increasingly getting noticed in the world, he said.
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
- O. Panneerselvam: 10 Things You Need To Know
- PM Narendra Modi Slams Opposition For Not Letting Parliament Function
- Nawazuddin Siddiqui On Working In Raees: Was Nervous To Shoot With Shah Rukh Khan
- Bathinda Dancer Murder: Video Showing Accused Opening Fire At Marriage
- 5 Lesser Known Facts About Sasikala Natarajan
- Congress Leader Shashi Tharoor’s Delhi Home Burgled: Here’s What Happened
- Reserve Bank Of India Keeps Repo Rate Unchanged Post Demonetisation
- Bigg Boss 10 Dec 06 Review: Swami Om Pees In Kitchen
- Lenovo k6 Power Video Review
“Therefore to reform more, to open more, to attract more investment, to expand more in manufacturing, (we need) to fill up the infrastructure deficit faster than what we have been doing,” he said.
As the USD 2.2 trillion Indian economy expands, it is “least influenced” by voices of protectionism, he said. “Normally it is the least developed and developing economies which have a tendency to cry for protectionism and that is a voice that’s almost not heard in India,” the FM said.
“We are looking to open out and that’s the being the direction of our economy,” he added.
Jaitley said many opportunities have been wasted in past and an aspirational nation doesn’t want to let go off any now.
“If we look at the areas where we have growth potential I think one obvious area is manufacturing. The share of manufacturing has to increase from the present 15 per cent to 25 per cent level and that’s where we will realise we are creating far more jobs and expanding far better,” he said.
Also, there is a huge potential to grow in the eastern India and rural areas have a deficit and offer a tremendous potential to invest, he said.
The Finance Minister further said that after deciding to quit the European Union, Britain is looking outside Europe and sees countries like India as one of its great future partners in trade and business.