A different India to benefit from global economic recovery: FM

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A “different India” is ready to benefit from a strong global economic recovery after a series of reforms including demonetisation, goods and services tax, easing of regulations and procedures, Finance Minister Arun Jaitley has said.

In first public appearance at the IMF headquarters here after his arrival in the city, Jaitley echoed International Monetary Fund Managing Director Christine Lagarde and World Bank President Jim Yong Kim, who have said that the world is experiencing a strong economic recovery.

“After several years of disappointing growth, the global economy has begun to accelerate,” Kim told reporters earlier.

In a separate news conference, Lagarde later said she expects higher global growth this year and next.

By all indications there is a “more positive mood around the world” as far as economy is concerned, Jaitley said while participating in a seminar at the IMF headquarters organised by the Federation of Indian Chambers of Commerce and Industry.

“Obviously as an economy which is globally integrated, if world economy moves on consequential impact on demand, the Indian economy would also follow. And I do see, that as one of the various reasons why in the coming months and years India economy is also probably destined to move up,” he said, while admitting that the last three years had been extremely difficult.

India, he argued, now offers bright opportunities.

“The first factor in the opportunity is do we allow people to come in. Obviously as a country which has realised the virtues of more investment into the country, we have systematically liberalised our policy over the years and probably one of the more liberal economies in the world,” he said, adding not only India has liberalised, it has also made the procedures of entry very simple.

“But it is also a harsh reality that merely we have a door wide open that’s not enough for people to enter. When they enter they must feel more comfortable. And they may feel that India is an extremely comfortable place to do business with,” the Finance Minister said.

Noting that there are more factors that stand out, he said, “And in that sense, it is a different India.”

The first is irrespective of the federal and multi-party character of India there is now a feeling both in the center and different state governments, without exception, that each one wants investment to come to his or her state, he said.