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India to be USD 5 trillion Economy in Few Years: Arun Jaitley
Jun 03, 2016

Very hopeful of getting the Constitution Amendment Bill on GST passed in the next session of Parliament, said Mr Arun Jaitley, Minister of Finance, Corporate Affairs and Information & Broadcasting, while addressing a very large gathering of Japanese Business leaders at a Seminar titled “India: Investment Promotion Seminar” in Osaka, organized by CII in partnership with the Indian Embassy in Japan, JETRO, Kankeiren, JICA and Osaka Chamber of Commerce and Industry here today. 

With the kind of reforms that have picked up pace, the Indian economy is well on course to touch USD 5 trillion in size in the foreseeable future, Mr Jaitley said. 

India’s failure at controlling population has resulted in the creation of a very large and young population, which is not only one of the largest markets of the world, but also a potential supplier of trained and skilled human resources for the world, which is one of the reasons why the size of the Indian diaspora has been increasing in most countries, Mr Jaitley said. 

The government is also ensuring that making in India becomes a “new deal”, Mr Jaitley said and went on to add that lot of actions have been taken to improve ease of doing business. In the most recent measures focus has been on enforcement of contracts, which is an area of improvement and opportunity for India. In fact, while India has moved up in the ease of doing business rankings, the changes in ranking do not fully reflect the improvements that have taken place, he added. 

Similarly, the environment of labour relations is improving as man-days loss owing to strikes are becoming very rare, the Finance Minister said. 

Innovations have to be rewarded and therefore, just protection must be provided, said Mr Jaitley referring to the Intellectual Property ecosystem of India. He emphasized that the IPR framework in India is now globally benchmarked. 

Commenting on opportunities for Japanese businesses, Mr Jaitley said that India has embarked on a mission to address the huge infrastructure deficit, which has been a result of decades of neglect. This is a tremendous investment opportunity. 

No other economy presents this size of market, this scope of investment, with this kind of returns, the Finance Minister said. 

Speaking earlier in the session, Mr Sujan Chinoy, Ambassador of India to Japan referred to the 3 Ds of democracy, demand and demographics to present the India opportunity. 

In her remarks, Ms Shobana Kamineni, President Designate, CII said that Indian industry has greatly benefited from the Japanese commitment to our development. Our deployment of technology and commitment to quality management imbibed much from Japanese inputs. Today, top Indian companies are leveraging their competitiveness, productivity and technology strengths to become powerful players in global markets, matching the best global benchmarks across sectors such as automotives, space sciences, nuclear energy, biotechnology, drug development, and other knowledge-intensive industries. 

The Seminar was also addressed by Ms Ravneet Kaur, Joint Secretary, DIPP, Ministry of Commerce and Industry and Dr Saurabh Garg, Joint Secretary, DEA, Ministry of Finance. They spoke on “Make in India” and NIIF respectively.

From the Japanese side, the Seminar was addressed by Mr Masayuki Matsushita, Vice Chairman, Kankeiren and Vice Chairman, Panasonic Corporation; Mr Minoru Furukawa, Vice Chairman, Osaka Chamber of Commerce and Chairman, Hitachi Zosen Corporation, Mr Yasushi Akahoshi, President, JETRO among others. 

2 June 2016

Osaka, Japan

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