Washington, October 13: Union Finance Minister Arun Jaitley on Friday said that the Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms. Jaitley, who is currently 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 said that there is clear evidence now that slowdown effect of demonetisation and GST has now more or less played it out.
Jaitley is accompanied by Dr Urjit Patel, Governor, RBI; Secretary, Department of Economic Affairs, Shri Subhash Chandra Garg and other officials. While participating in an Interactive Seminar organised by FICCI on “India Opportunity” on Thursday, the Finance Minister spoke on the bold reforms carried-out in India which now have created impressive opportunities in Infrastructure assets resolution under Insolvency and Bankruptcy Code (IBC) process and in the financial sector.
The implementation of the GST from July 1, 2017 and its gradual complete transition, the follow-up to demonetisation, and enacting other structural reforms by the Government of India would take the economy towards higher growth trajectory. Jaitley stated that FDI flows to India have increased in 2016-17 over 2015-16, indicating improved global confidence in the Indian economy. He also spoke about the interface between the global and the Indian economy; national investments and the Infrastructure Fund; and reform initiatives of the Government of India, especially to improve Ease of Doing Business.
Jaitley also participated in the G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington D.C. The discussion focused on the agenda items pertaining to Global Economy and Framework for Growth, Compact with Africa and International Financial Architecture. As co-chairs of G20 Framework Working Group (FWG), India made the lead intervention during the Second Round of the Session on ‘’Global Economy and Framework for Growth’, which discussed the IMF’s G-20 Report on ‘Strong, Sustainable, and Balanced Growth(SSBG)’.