India’s economy “relatively unimpacted” by global crisis, says Arun Jaitley

Finance Minister Arun Jaitley today said India has withstood successfully during period of financial crisis in the world.

Karnataka should grow by 2-3 percent faster than the country’s GDP. This is a positive sign for overall national growth.

“States which have a consistent track record of a stable administration, a good governance, clean administration, stable politics, stable policies, easy availability of land, natural resources, easier prospects of doing business…it is those states which will then become the primary destinations as far as the investments are concerned”, he said. He said that India continues to be bright spot in turbulent times and an attractive destination for foreign investment.

Mr Jaitley said there is no other cure for depletion of poverty and its final elimination other than making India grow.

Jaitley also said that India is “relatively unimpacted” by some of the factors which caused the global crisis and put the world economy in a complex.

The minister said that our country is a state of cooperative federalism.

Addressing the problem of poverty, the minister said that Governments should make people come out of poverty. Federalism and democracy should be the strength of the government and not the obstacle. He said that whenever there was a global economic turmoil in the past, India has always showed resilience.

Shri. M. Venkaiah Naidu, Union Minister for Urban Development, Housing, Urban Poverty Alleviation and Parliamentary Affairs, Shri.

Though nearly all Karnataka ministers were present at the meet, only Chief Minister Siddaramaiah and Industries Minister R V Deshpande spoke on the occasion.

Earlier, the Indian delegation led by the Union Finance Minister Shri Arun Jaitley held a bilateral meeting with UAE Official Delegation led by H.H. Sheikh Hamid Bin Zayed Al Nahyan, Managing Director, Abu Dhabi Investment Authority (ADIA) on the sidelines of India Investment Summit 2016. “My ministry is ready to set up a fertilizer manufacturing unit anywhere in the state provided the state government identified the location to manufacture 13 lakh tons of urea, ” Ananth Kumar said.

The event will give an opportunity to the entrepreneurs to interact with over 5,000 delegates and over 25000 business visitors.

Earlier, Smt Arundhati Bhattacharya, SBI Chairperson while delivering the Welcome Address at India Investment Summit 2016 said that this Investment Summit is to showcase the huge investment opportunities in India’s Infrastructure sector.