Economy

Govt looking to open the economy further: Jaitley

Our Bureau New Delhi | Updated on January 15, 2018 Published on November 09, 2016

Talking trade Union Finance Minister Arun Jaitley and UK Secretary of State for International Trade Liam Fox at the second day of the India-UK Tech Summit in New Delhi on Tuesday   -  PTI

Wants to attract more investment, expand manufacturing, says Finance Minister

Finance Minister Arun Jaitley said the government is working on measures to open the economy further and pitched for more investments to bridge the “investment deficit”.

“We are looking to open out...we want to reform more, attract more investment, expand more in manufacturing and bridge the infrastructure deficit,” he said at the India-UK Tech Summit organised by CII here on Tuesday.

Job creation

Apart from trade, the Minister said there is significant growth potential in the manufacturing sector. “The share of manufacturing has to increase from the present 15 per cent to 25 per cent and that’s where we will realise we are creating far more jobs and expanding far better,” he said.

He further said there is also huge potential for growth in eastern India as well as in rural areas, which require a lot of investment.

Jaitley pointed out that the UK, which voted for Brexit, is looking at a world outside of Europe.

“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, by our own standard we are still not satisfied,” he said, stressing that there is a growing impatience in India for faster and higher economic growth.

“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,” he said.

Addressing the session, UK Secretary of State for International Trade Liam Fox said the two countries have a “golden opportunity” to re-forge trading relationship.

“We are the natural partners of India and ready to help you, skill your workforce and grow your economy, boost bilateral trade and investment and cooperate on science and education,” he said.

He also offered support to the Smart City programme, apart from strengthening bilateral trade and investment to help the Indian economy grow.

Published on November 09, 2016
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