India could be fulcrum of global economy: Arun Jaitley

‘With China’s economic slowdown, the global economy feels afresh, the need of a pivot and India could play this very role, that of the fulcrum of the global economy’, said the Finance Minister Arun Jaitley expressing his confidence. Addressing investors during his visit to Japan, Jaitley claimed that India’s economic development program would pick up increasing momentum in the near future.

Globally speaking, over the last few years, though China has been shouldering the responsibility of half of the world’s development, the fact remains that it is currently undergoing an economic slowdown. That China’s growth rate should drop to 5.7 % has shocked the global economy. Assuring that India could just be the exact support that the world evidently sought in the present situation, Jaitley also made clear that the confidence of international investors in the Indian economy was increasing. .

“India has taken up the infrastructure development project on a large scale. This provides tremendous scope for investment and proves extremely important for the economicprogress of the India in the long run”, said Jaitley appealing for investment in this sector. “The growth rate of global economy is around 3 % whereas that of the Asian Continent is 6 % which explains why international investors have turned their attention to the Asian, SAARC countries”, claimed Jaitley.

The Goods and Services Tax (GST) bill will be passed in the ensuing monsoon session of the Parliament. Also, the program of constructive changes to the Indian economy will be swifter than ever, affirmed Jaitley during his visit to Japan.