India’s Minister for Finance, Corporate Affairs, Information, and Broadcasting, Arun Jaitley, has extensively explained the ongoing efforts in improving business environment in the country.
He has also noted that foreign investors have started appreciating what is being done to unlock business opportunities worth trillion of dollars as India develops.
But international investors are asking for more, and have pointed out the disappointment on seeing parliamentary proceedings being disrupted and delaying the passage of bills and laws that would help businesses.
Prime Minister Narendra Modi’s government has an absolute majority in the parliament but lack of numbers in Rajya Sabha, the upper house, where the government is not able to push major bills.
Jaitley even regretted that the key indirect taxation reform Bill – Goods and Services Tax (GST) – could not be pushed through in the last session of Parliament.
Noting their concerns especially the logjam in parliament, Jaitley went on to explain that India is no more a nation suffering from policy paralysis and uncertain tax regime and assured them of continuing the reforms for development of the investment-friendly environment.
Changes to arbitration laws and several other legislations are in the pipeline while the bankruptcy code is ready to push ahead the reforms process, said the Minister who, along with delegation of the Federation of Indian Chamber of Commerce and Industry (FICCI) met investors in Singapore and Hong Kong 18-21 September 2015.
“Investors world over have been quite appreciative of what is happening in India, so they have great hopes of India being an important player in the world economy today,” Jaitley told reporters after the first ‘dialogue session’ on September 18 in Singapore.
“This is particularly because, notwithstanding the slowdown world over, Indian economy is able to maintain a fairly rapid pace.
“Therefore, the idea is that the economy should continue to grow, and for growth you need investment,” added Jaitley.
He also pointed out that a lot of public investment is taking place in India and the government is trying to ensure that private investment, including from abroad, also goes up to support economic growth.
“For the next few years, we have our agenda full, reforms are an ongoing process,” Jaitley assured.
Jaitley had series of meetings with representatives of Singapore’s Government Investment Corp, the Sovereign Wealth Fund of Singapore, Future Fund, Sovereign Wealth Fund of Australia and Canadian Pension Fund.
He invited these heavyweight investors to participate in the National Investment and Infrastructure Fund (NIIF) being set up by the Indian government to boost infrastructure investment.
With Jaitley having rounded up investment seek visits to Singapore and Hong Kong, Prime Minister Modi will be doing much more talking investors in the United States.
