Finance Minister Arun Jaitley has asserted that India should completely open up its economy in front of the global investors excluding the rare sectors. This move will help in creating jobs and also raise the category of society which is able to release its full potential. In near future this will help to significantly grow the services of India. He further added that macroeconomic indicators like inflation and industrial production were positive, while the challenges included slow credit off-take.
Jaitley said that India has many competing economies facing challenges of their own kind. If the country is able to beat this competition then it can exploit the current global situation in its favor. He further stated that India's retail potential is 9 to 10% growth rate.
Besides, the minister highlighted that the collection of indirect tax this fiscal is up to the mark and indicates a positive outcome. Speeding up the process of regulatory clearances will help for reduce the time for setting up projects. Talking about the sectors he said Railways has to expedite its expenditure which could somewhat offset the lack of investment from the private sector. Whereas, Private sector is good but in challenging times they want government help.