The Finance Minister Arun Jaitley is on a four day visit to Australia. Today he met Treasurer of Australia Mr. Scott Morrison in Sydney. During the bilateral meeting he called for increase in investment by Australian businesses in India as they can get better returns on their investment.
Mr. Jaitley also added that alike Australia India too wanted to reap benefit of implementing GST and added that soon GST should become a reality.
Speaking on the occasion, Mr Morrison said that Australia is keen to further increase its investment in India. Mentioning the recent developments in bilateral and strategic cooperation in multiple areas, he emphasised the common interest of both countries in promoting policies to sustain economic growth and create jobs for the youth.
Both the leaders discussed the economic situation in both countries as well as globally. Expressing happiness over the growing bilateral trade and investment, they agreed to continue and enhance economic engagement and collaboration.
The Meeting was also attended among others by the officials of Ministry of Finance, Government of India and Reserve Bank of India from Indian side and senior officials from Australia Treasury and Reserve Bank of Australia from Australian side.
Arun Jaitley delivers Keynote Address at Make in India Conference in Sydney:
Arun Jaitley also inaugurated and addressed the "Make in India Conference - Collaboration for Growth with Mutual Benefit" in Sydney today.
During his Keynote Address, the Finance Minister Mr. Jaitley highlighted the various steps undertaken by the Indian Government to facilitate ease of doing business and create an investor friendly climate in the country as part of the 'Make in India' initiative. He stressed on the need for manufacturing growth to ensure employment for youth of the country.
He further mentioned that the Government has taken concrete steps for cutting red tape, simplifying rules and procedures including delicensing the business environment among others. He said that the Government is working towards making tax regime transparent, stable and predictable.
He proudly stated that Make in India has become the biggest global brand which India has ever created. He said that India has become one of the fastest growing large economies in the world. India has been ranked as the most attractive investment destination by several global agencies and institutions, the Minister added.
He also mentioned about various FDI reforms undertaken recently by the present Government for attracting foreign investment in particularly in sectors such as Railways, Defence, Services and Manufacturing. He said that the National Investment and Infrastructure Fund (NIIF) has been set-up which will be professionally managed and mainly invest in commercially viable infrastructure projects.
Later a Plenary session on Doing Business in India was held where Government, polices, reforms and taxation issues were discussed. Three parallel Break-Out Sessions on Mining and Resources, Agribusiness and Smart Cities & Urban solutions were also held during the one day Conference.
Among other speakers at the '"Make in India'' Conference included Mr Andrew Robb, Special Envoy for Trade, Australia, Mr Navdeep Suri, High Commissioner of India to Australia, Mr Jonathan O'Dea MP, Parliamentary Secretary for major Events and Tourism, Government of New South Wales(NSW), Mrs Kalpana Awasthi, Joint Secretary, DIPP and Mr Sumit Mazumder, President, CII.
The event was jointly organised by Department of Industrial Policy and Planning (DIPP), Ministry of Commerce and Industry, Government of India; Consulate General of India(CGI), Sydney and Confederation of Indian Industry(CII) and was supported by Austrade. The event was attended among others by a large number of representatives of Australian and Indian businesses.
Arun Jaitley calls on the Foreign Minister of Australia, Ms Julie Bishop:
Arun Jaitley while making his opening remarks during his meeting with Foreign Minister of Australia, Ms Julie Bishop in Sydney said that the Economic Reforms are widely accepted in India especially the reforms in taxation and Foreign Direct Investment (FDI) among others.
The Finance Minister said that India faces three major challenges now which are boosting Exports in view of shrinking global trade, increase in private investment and better hope for monsoon this year after insufficient rains in last two consecutive years.
Mr. Jaitley said that there is lot of scope for foreign investment in India in various sectors which have now been opened for FDI including Railways, defence and manufacturing among others.
The Finance Minister talked about the various initiatives and reforms measures undertaken by the present Government in India in last 22 months and invited Australian businesses to invest and Make In India.
Speaking on the occasion, the Australian Foreign Minister of Australia, Ms Julie Bishop said that Australia can play a major role in providing various services to India especially in field of innovations, R&D and designing, vocational training and skill development among others.
The Finance Minister informed that start-ups are being launched in India to boost innovations and young entrepreneurs among others. Shri Jaitley thanked the Australian Foreign Minister for concluding the Administrative Arrangements on civil nuclear cooperation to facilitate the flow of Uranium.
Recalling the recent high level visits between two countries, both the leaders expressed satisfaction over ongoing cooperation in multiple areas of bilateral cooperation. They discussed various bilateral and global developments. They highlighted the importance of people-to-people contacts and welcomed the forthcoming Festival of India in Australia and growing tourism and cultural exchanges among the two countries.