India remained unaffected by global slowdown and the rhetoric of protectionism in developed economies, said Union Finance Minister Arun Jaitley on Monday.
“Unpredictable global slowdown and the rhetoric of protectionism in developed economies have not affected India,” he said at the ‘Make in India – Karnataka’ conference here.
Asserting that the government would continue to focus on investments and growth, Jaitley said the policy-makers were under pressure as the people wanted the country to grow at a faster rate.
“Unlike in the developed countries, we don’t get to hear about protectionism in India, which indicates that we are willing to accept investments and fine tune our policies,” he said.
Calling upon the state governments to work together with the central government for going ahead on the growth path jointly, the Finance Minister said the country had hunger to grow faster than the current (GDP) rate of 7-7.5 per cent.
“We are not satisfied with the tag of being the fastest economy in the world. We think we have a potential to do better,” he pointed out.
Lauding Karnataka for proactively taking part in realising GST (Goods and Services Tax) by the middle of this year, Jaitley told the gathering that the state would accrue a lot of revenue when the new tax regime was implemented.
“Karnataka was the first state to become an educational hub in the country. As the state had limited resources, it allowed private organisations to enter the education sector by providing a conducive atmosphere and infrastructure,” he added.
Organised by the state Department of Industrial Policy and Promotion (DIPP) and the Confederation of Indian Industry (CII), the two-day conference is showcasing the state as an investment destination across the sectors.