Union Finance Minister Arun Jaitley has said state governments across India, irrespective of their political persuasions, are wooing investors and tailoring their policies to attract investments.
"One of India's greatest strengths today is that irrespective of political and ideological differences, governments across the country are realising we have to formulate policies that enable us to attract investment and expand economic activity," Jaitley was quoted as saying by IANS while he was addressing the inaugural session of the Bengal Global Business Summit in Kolkata on Friday.
"That is why there is not only a change in policy formulation, but also in the mindset. Even the idiom is changing," he added.
Jaitley said annual investor summits indicate a break from the past when poverty alleviation was addressed by means other than job creation.
"There is an increasing realisation that the economy will work only if large businesses and large economic activities come into the state... which create jobs... which gives us revenue... where an enriched state government can enable and service its poverty alleviation programmes," he said.
Jaitley also spoke of the need to scale up investments in infrastructure to drive growth at a time when the global economy is witnessing a prolonged slowdown.
"India still manages a faster growth. But it is important to see how do we improve our growth rate a little faster," Jaitley was quoted as saying by The Economic Times.
Karnataka will hold its global investors meet titled "Invest Karnataka 2016" from 3 to 5 February, 2016.
The NDA government, led by Prime Minister Narendra Modi, will hold its maiden "Make in India Week" from 13 to 18 February, which will be inauguated by him.
India has been described as a "bright spot" by the World Bank in its latest report, in which it has projected India to grow at 7.8% in FY2017, while lowering its 2016 growth estimate for China to 6.7%, indicating a persistent slowdown in the world's second-largest economy.
The country's stock exchanges and its currency yuan witnessed huge volatility this week. The currency was depreciated by China in a bid to boost exports.
The volatility spilled over to other Asian markets and global indices, something which is going to be the "new normal", according to Shaktikanta Das, secretary, economic affairs, Union Ministry of Finance.
Volatility is the new normal in global economy.India has the inherent resilience to deal with emerging challenges.Govt is watchful.
â€” Shaktikanta Das (@DasShaktikanta) January 7, 2016