Confident of utilising the headroom available to the Indian economy, finance minister Arun Jaitley on Thursday said it needs some additional growth engines and the focus now is on reviving private investments.
Inviting foreign companies to invest in infrastructure, he exuded confidence that reform measures like GST would go through as the numbers in the Rajya Sabha will change favourably soon.
“We have a very noisy democracy... But I am finding that there are more people who want to support growth and others are very minuscule minority... Any economy needs multiple engines of growth,” he said during a breakfast session on ‘India — The next growth engine of the world’, organised by industry body CII and consultancy BCG on the sidelines of the World Economic Forum (WEF).
“Public investment is one that we are doing. We are concentrating on infrastructure and for the first time in history we have been able to rationalise the subsidies,” he added.
In days to come India will have to focus on reviving private investments, the finance minister said. “We are asking people from all over the world to become partners in India’s infrastructure growth story”.
According to Jaitley, India is developing an entire ecosystem to ensure that companies start innovating and those innovative platforms are also used by foreign entities.
The government is gradually transforming most of its taxation laws for a greater degree of stability and predictability, he added.