India has created liberalised foreign investment policies and has successfully created a “very favourable investment climate” for investments across all segments of economy -- agriculture, manufacturing and services, informs the Indian finance minister Arun Jaitley during a recent Development Committee meeting of the International Monitory Fund (IMF). Major initiatives such as 'Make in India', 'Start Up India' and 'Digital India', are helping the country to create favourable investment climate.
Mr. Jaitley, who was recently in Washington to attend the annual Spring Meeting of the International Monetary Fund (IMF) and the World Bank, said Foreign Direct Investment (FDI) inflow in India has seen enormous growth of over 30-40% in last two years and India is now among “the largest FDI destination in the world”.
Mr. Jaitley also informed that the global growth in 2015, currently estimated at 3.1%, is projected to increase to slightly higher level of 3.2% in 2016 and 3.5% in 2017.
“In order to be a reliable source of contingent financing it is important to assess the sufficiency of Fund’s resources in accordance with the changing global realities including levels of global growth, size of trade and capital flows”, said the Indian FM.
Mr. Jaitley further said the IMF Fund must also “continue to evolve as an effective institution in tune with changing character of the global economy”.
Importantly, the Union Finance Minister Arun Jaitley firmly believes that India can stand out in the gloomy global economic situation if it continues with reforms and responsible economic planning.