The Finance Minister Arun Jaitely said that”India has the potential to make nine to ten per cent its new normal in the years to come.”
India growing at five per cent, six per cent or even seven per cent is not an India that is going to face up this challenge (of large young population), Jaitley said at a conference.
“Listing out the steps being taken by the new Indian government like giving more financial powers to states, increased investment on infrastructure, emphasis on manufacturing”, Jaitley said the roadmap laid out is to open the door for investment.
It is a welcome move in India. Now there are very few sectors that are remain closed.
With citing some names like insurance, defense, railways and real estate sectors, he said that most of the sectors are opened.
“I have no hesitation in saying that the land law if it remains in the present shape is a big hurdle to employment creation. One of the areas where we are trying to ease the (land) acquisition process is creation of industrial corridor. This is capable of providing employment to a vast number of people in rural areas”, he said.