Arun Jaitley bullish on India’s growth for next 20 years

Finance minister Arun Jaitley on Sunday said that India will continue to be on the current path of growth for a couple of decades more, bringing benefits of liberalisation to its people and eliminating the curse of poverty.

Asking Australian superannuation funds industry leaders to invest in India, he said: “India will continue to be on the growth path. It’s only then India can eliminate the curse of poverty.”

Mr Jaitley said predicted that the current economic growth rate would continue for at least 10-20 years. “We do believe that 7.5 per cent rate can be improved upon... And the government is concentrating on several areas, specially rural India,” the minister said.

“People in India are benefiting from the whole process of liberalisation,” he added.

Mr Jaitley said that the government was opening up the economy and almost all sectors have been liberalised.

He said number of conditionalities have been removed and the government was also conscious of policy stability.

He also assured rationalisation of tax system stating that India offered a huge amount of opportunity for even manufacturing sector, infrastructure sector.

Speaking at the meeting, Ficci president Harsh-avardhan Neotia said India has made considerable progress over the last year, reflected in improvement in key macroeconomic indicators.

Most importantly, he said, there is an element of positivity and optimism about India, which is shared not just by domestic industry but also globally.