Finance minister P Chidambaram on Friday rejected suggestions that India is imposing restrictions on investments and said the country's economy is opening up in a gradual manner.
"I think the right way to look at it is we are not restricting. We are opening up in a gradual manner. Where were we in 1991. What are we today, in 2013? In the space of 22 years we have opened practically 90% of India's economy," Chidambaram told the popular Charlie Rose Show in an interview.
"There are still some areas which are closed or which are restricted. But they will open up. But the areas that are being opened up are so large, all this manufacturing. Steel, power, roads, airports, seaports, all this is open. Therefore, there's a huge opportunity for investors," he emphasised.
Observing that India has opened up 90% of its economy in the 22 years of liberalisation since 1991, Chidambaram said that the country could become a "giant economy" if it grows at 8% continuously the for seven-eight years.