Union Minister Jayant Sinha has said that overseas investors are very excited about India as structural reforms and investments are giving overall growth a leg-up. He said that overseas investors are noticing that cash to GDP is coming down, while tax to GDP is going up and as a result they believe that it is a very powerful structural reform in India.
Noting that demonetization has resulted in various benefits, Sinha said that the move is over and has led to a dramatic improvement in the country’s economic landscape. He also pointed out that it has helped in strengthening banks as well as improving the overall economy. The minister added that banks have gained considerably from the low cost current account savings account (CASA). On the GST front, Sinha said that GST council has largely approved the draft of the legislation that has to be passed. Therefore, in all, foreign investors are very excited about India.
The Union Minister further said that the facts are clear and overseas investors are telling them that they have been doing well in the economy and structural reforms that they have unleashed as well as the kind of investments that the government and the private sector in India are making are really contributing to very strong growth. He also noted that there has been a tremendous interest globally in stepping up investments in India and they have built up their positions in India.