Affirming that policies are there to boost the economic activities and investment flows in India, Finance Minister Arun Jaitley today said domestic reforms will neutralise any adverse impact of the global slowdown.
Addressing the BRICS investment seminar ahead of the 5-nation Summit in Goa on October 15-16, he said the government has put FDI on automatic route in almost 90 per cent of the areas that are eligible for foreign direct capital.
“Over the last two-and-a-half years most of the sectors have been reviewed and we now have probably the most open FDI policy in the world with 90 per cent of FDI coming in through the automatic route,” he said.
“The ease of doing business has improved massively since the Modi government came to power. Many sectors have been brought into the automatic route and now we don’t have any instance of cases pending indefinitely before the Foreign Investment Promotion Board,” he added.
“We have learnt that there is a contraction as far as global growth is concerned, at least by domestic reforms we can neutralise the impact of the ongoing global slowdown,” he said.
On India’s global competitiveness ranking, which has improved to 39 this year, he said policy changes in the recent past have added to give ease to business. The significant decisions of the government are aimed to promote economic activities and make India more investment friendly.