Finance Minister Arun Jaitley has appealed to Asian countries to invest in India. He also stressed that India has the potential to achieve the double-digit growth. He was addressing the Asian country leaders at a summit of Global Business leaders focused on Asia region in Singapore organised by the Government of Singapore.
Jaitley in his opening remarks while addressing a meeting in Singapore on "Emerging India: Opportunities Beckons" emphasised the steps taken by the government for increasing investment in India and growth of the economy. He highlighted the steps taken by the government for reforms in the banking sector, transparent and fair allocation of natural resources such as coal through a transparent and open auction system, commitment of the present Government in rolling-out GST at the earliest and Ease of Doing Business.
The finance minister also talked about efforts being taken to address the problems of discoms in the power sector. The aforesaid meet was jointly organised by the High Commission of India, FICCI and Singapore Business Federation. It was attended among others by the representatives of Singapore businesses and financial sector investors. In a dialogue with Piyush Gupta, MD, DBS Bank and Q&A in the meeting, the Finance Minister addressed the issues raised relating to GST, MAT, efforts to increase cashless transactions and facilitating foreign investment.
Jaitley also spoke on bilateral trade and investment relations, the recent global economic developments and their impact on both the countries and on the Asian region at large. They also discussed the measures to increase the bilateral investment.
On the second day of his two-day official visit to Singapore, the Union Finance Minister Arun Jaitley met the Deputy Prime Minister and Finance Minister of Singapore Tharman Shanmugaratnam along with a group of Singapore bankers. They discussed bilateral and global developments. Jaitley talked about the steps taken by the Government of India to facilitate foreign investment in India. They discussed the matters relating to taxation for foreign investment in India and the facilitating role to be played by the Government in getting regulatory approvals.
Earlier, the Finance Minister Shri Jaitley had meetings with representatives of the GIC, Sovereign Wealth Fund of Singapore, Future Fund, Sovereign Wealth Fund of Australia and Canadian Pension Fund and discussed about their participation in the National Investment and Infrastructure Fund (NIIF) being set-up by the Government of India. The Finance Minister also met institutional investors and discussed about vast opportunities in infrastructure sector in India.