India, among the world’s fastest growing emerging economies, is likely to maintain the “high growth rate” of 7-8 per cent over the next decade, Finance Minister Arun Jaitley said, emphasising that landmark reforms such as the Insolvency and Bankruptcy Code offer an attractive and conducive environment to foreign investors to the country.
“Unquestionably it has now been established over the last few years that India is a fast growing economy, faster than some of its contemporaries amongst the emerging economies and my own view is that India, over the next decade or so, is likely to maintain this high growth rate of at least 7-8 per cent,” Jaitley said addressing the inaugural address through video conferencing at the ‘Conference on Insolvency and Bankruptcy Code- A New Paradigm for Stressed Assets’ at the Indian Consulate General here.
Jaitley said the seven per cent economic growth rate by Indian standards is now considered to be the “lower end of the moderate growth rate. Our aspiration is to touch and cross that 7 per cent”.
Highlighting the investment opportunities in India through the Insolvency and Bankruptcy Code (IBC) process, the Finance Minister said given the future potential of the Indian economy, the fair manner in which the IBC is now proceeding, “it’s a great opportunity as far as investors are concerned and therefore those seriously thinking about investment in india.
Jaitley also understood that this reform has presented a great opportunity as far as entrepreneurship in India is concerned and a large number of investors have been coming in, showing a lot of interest, then bidding and counter bidding so that they are able to get hold of the companies itself.