The Union Finance Minister Shri Arun Jaitley said that the Economic Reforms are widely accepted in India especially the reforms in taxation and Foreign Direct Investment (FDI) among others. The Finance Minister said that India faces three major challenges now viz. boosting Exports in view of shrinking global trade, increase in private investment and better hope for monsoon this year after insufficient rains in last two consecutive years. The Finance Minister Shri Jaitley was making his Opening Remarks during his meeting with the Foreign Minister of Australia, Ms Julie Bishop in Sydney today.

On the second day of his four day official visit to Australia, the Finance Minister Shri Jaitley said that there is lot of scope for foreign investment in India in various sectors which have now been opened for FDI including Railways, defence and manufacturing among others. The Finance Minister talked about the various initiatives and reforms measures undertaken by the present Government in India in last 22 months and invited Australian businesses to invest and make in India.

Speaking on the occasion, the Australian Foreign Minister of Australia, Ms Julie Bishop said that Australia can play a major role in providing various services to India especially in field of innovations, R&D and designing, vocational training and skill development among others.

The Finance Minister informed that start-ups are being launched in India to boost innovations and young entrepreneurs among others. Shri Jaitley thanked the Australian Foreign Minister for concluding the Administrative Arrangements on civil nuclear cooperation to facilitate the flow of Uranium.

Recalling the recent high level visits between two countries, both the leaders expressed satisfaction over ongoing cooperation in multiple areas of bilateral cooperation. They discussed various bilateral and global developments. They highlighted the importance of people-to-people contacts and welcomed the forthcoming Festival of India in Australia and growing tourism and cultural exchanges among the two countries.

Foreign investment encouraged as India invites sectoral FDI to boost exports and private investment, enhancing bilateral cooperation. The statement emphasises boosting exports, increasing private investment, and improving monsoon prospects while inviting foreign capital under recent tax and investment reforms; several sectors including railways, defence and manufacturing have been opened to Foreign Direct Investment and Australian businesses are encouraged to invest. It notes Australian assistance in innovation, R&D, vocational training and skills, promotion of start ups in India, and Administrative Arrangements on Civil Nuclear Cooperation to facilitate uranium supply, alongside expanded bilateral economic and cultural engagement.