The FM has come up with many industry friendly measures to woo the investors
The Finance Minister Arun Jaitley on Saturday assured the investors that the government was committed to taking business-friendly measures. This was done a day after the official data showed the economic growth in the first quarter of the current financial year was better than expected.
He suggested these steps, such as increasing the cap on foreign investment in insurance and amending the land acquisition Act. Jaitley also mentioned that meeting the disinvestment and fiscal deficit targets would push the economic expansion in the remaining part of the year at much higher rates than the two-year-high rate of 5.7 % in the April-June quarter.
India Inc. has a reason to rejoice as listing the decisions taken by his ministry in the past 90 days; Jaitley asserted that the new government had replaced the mood of pessimism with these business-friendly decisions.
The finance minister also indicated his preference for a cut in interest rates by the Reserve Bank of India (RBI). Jaitley also mentioned that international investors were eagerly looking at India. The government is all set to liberalise the foreign investment regime in defence and railway projects.
Jaitley also mentioned that a Bill to raise foreign investment in insurance would be passed in the winter session of Parliament. There is another good news for the industries as a consensus on the goods and services tax (GST) would be evolved with the states.
Source- Business Standard
Finance Minister, foreign investment regime, Goods and Services Tax, Jaitley, Land Acquisition Act, RBI, Reserve Bank of India
