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India Looking to Open Out: Finance Minister
Nov 08, 2016

India’s voice is getting noticed in the world, and there is no voice for protectionism in the country, noted Hon Mr Arun Jaitley, Minister of Finance and Corporate Affairs, at the India-UK CII-DST TECH Summit being organized by the Confederation of Indian Industry and the Department of Science and Technology with the UK as partner country. Commenting upon the strength of the India-UK relationship over the last seven decades, the Finance Minister said that trade, education and legacy of institutions were part of the overall relationship today.


The Finance Minister pointed to India’s rapid economic growth and its continued aspirations for the future. Eastern India and the rural deficit present big opportunities for investments, he felt. The Minister highlighted the ‘powerful story’ of infrastructure creation in the country with highways and rural roads growing at one of the fastest rates in the world. India needs investments for which the country has taken several reforms such as Real Estate Investment Trusts, InvITs, and an enabling environment for business.


According to Mr Jaitley, the India-UK Tech Summit throws up opportunities for joint ventures and associations between India and the UK. Lauding the UK’s technological leadership, he said that India’s manpower resources are quickly developing competitive skills which can be leveraged by the UK.


Stating that India and the UK are ‘perfect partners’, Rt Hon Liam Fox, Secretary of State for International Trade, UK, said that the India-UK TECH Summit is a celebration of the best of India and the UK. The UK is ranked first in the Global Innovation Index, pointed out the Secretary. “Today, we are here to prove to India that we are the best for R&D, technology, science and education,” he noted.


According to the Secretary, Brexit is a new opportunity for an outward-looking position for the UK. He mentioned that a new Joint Working Group of senior officials on trade and investment has been set up for regular dialogue on broadening and deepening the relationship. The working group would address removal of barriers to trade, he stated. The TECH Summit is vital to the vision of transforming the future of bilateral relations, said the Secretary.


Dr Naushad Forbes, President, CII, said that to raise the share of manufacturing in India’s GDP, the sector must grow at double the average rate of the past 25 years and technology would be integral to the effort. There is need for Indian educational institutions to raise the share of their expenditure on R&D from the current 4% to 20% of total R&D expenditure, while private firms must increase their share from the present 0.3% of GDP to 1.5%.


Mr Kumar Iyer, British Deputy High Commissioner, Mumbai, and Director General, Economic, Trade and Investment, said that the expenditure on joint R&D by the two countries was GBP 150 million. During the visit of Rt Hon Theresa May, Prime Minister of the UK, the two countries have signed agreements on startup support, urban partnerships, Intellectual Property Rights and Ease of Doing Business.


Mr Chandrajit Banerjee, Director General, CII, stated that India has made considerable progress under the leadership of the Finance Minister including in areas such as social security and financial inclusion.

 

New Delhi

8 November 2016

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