The Finance Minister Shri Arun Jaitley said that Indian economy is estimated to register 7.6% growth in FY 2015-16, notwithstanding contraction of global exports and two consecutive years of shortfall in monsoon. Shri Jaitley said that amid weaker outlook across the globe, India’s experience of strong economic growth, comfortable price situation, low current account deficit, and adherence to fiscal recovery path have projected it as an outpost of opportunity for global investors. The Finance Minister was speaking on the theme of ‘Steering India towards Growth ’, at an event organized by ‘Carnegie Endowment for International Peace’ in Washington D.C. yesterday on the very first day of his US trip.

Earlier Mr William J Burns, President of Carnegie Endowment and former US Deputy Secretary of State welcomed the Finance Minister and gave the introductory remarks. Speaking further on the occasion, the Finance Minister Shri Jaitley emphasized on India’s economic recovery and the role of various initiatives taken by the present Government in achieving it.

Elaborating on the large number of initiatives taken by the Indian Government, the Finance Minister Shri Jaitley said that what distinguishes the present Government is this Government’s emphasis on decisiveness, consistency in policy direction and transparency in functioning. He also talked about reforms in taxation, Make in India programme, increase in FDI limits, expediting the process of granting clearances to new projects, steps taken for ease of doing business, rationalization of expenditure by making petrol and diesel prices market linked and promoting financial inclusion by linking Direct Benefits Transfer (DBT) to Aadhar.

Investment opportunity: India's macro stability and policy reforms enhance its attractiveness to global investors. India's robust growth, contained inflation, low current account deficit, and fiscal consolidation are presented as creating an investment opportunity for global capital. The Government's decisive policy direction, transparency, tax reforms, Make in India, higher FDI limits, expedited project clearances, measures to improve ease of doing business, market-linked fuel pricing, and Aadhaar-linked Direct Benefit Transfer are identified as operational reforms that reduce regulatory frictions and enhance the investment climate.