Economy

Positive mood about India in U.S., says Arun Jaitley

Positive mood about India in U.S., says Arun Jaitley”

The Finance Minister, Shri Arun Jiatley is now on a one week official tour to Washington D.C.to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. To say it's a very risky proposition, it will have adverse consequences for a quarter or two, so let's not attempt it?

Responding to Congress' criticism on demonetisation and GST implementation, Jaitley said the BJP simply did what the Congress couldn't while they were in power.

He said FDI flows to India increased in 2016-17 compared to 2015-16, indicating improved global confidence in the Indian economy, according to a finance ministry statement, which added he also spoke about the interface between the global and the Indian economy, national investments and the Infrastructure Fund, and reform initiatives of the Indian government, especially to improve ease of doing business. To curb the menace of black money was never Congress' priority. "This would provide a great opportunity for Indian businesses here", Jaitley said.

"Populism is what we did not indulge in". (But) we struck a blow to that kind of an economy.

He also highlighted the contributions skilled Indian professionals have made to the economy, and that this must be suitably appreciated by the side, it said. It needs a lot of courage and guts to bring in structural reforms in the economy. "US companies are a natural investor in that particular sector", he said.

He said the world was in economic slowdown for past three years, and India is growing and taking advantage of the situation after the government has implemented structural reforms. "We have expressed this concern of our with America", said Jaitley. "But these transient impacts should not be construed as any form of a long-term challenge because I do see that the med-term and long-term impact of all these changes is certainly going to be very positive", Jaitley said while responding to a question on stimulus. For this the government has created new laws, amended laws and have created a new machinery, which will probably take care of it, he said.



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