Kolkata, Jan 7: India needs to create an environment for cyclic investments and ease norms of doing business, Union Minister For Finance and Corporate Affairs Arun Jaitley said here Wednesday.
"We have to create an environment, where we not merely attract investment, but we also promise profitable returns of that investment. Industry will expect a return on investment, and therefore, our entire environment has to be such it ensures that investment will lead to greater investment," Jaitley said at the inaugural session of the two-day Bengal Global Business Summit here.
The union minister said investment will trigger economic activity which will in turn boost growth and lead to job creation.
"If there is profitability, your (states) and our (centre's) revenues will be up and if our revenues are up, it will help us both to service the social sector. It will help us to create a better infrastructure, and inevitably attract a much greater investment."
To boost the industrial landscape and lead the growth, Jaitley said the norms and rules governing investment has to be eased.
"In order to attract and invite investment into all the sectors in West Bengal and any other state in India we have to ease our norms to make process of doing business in India easy," he said.
Jaitley said West Bengal has a history of industrialization as it once had some of the oldest companies in India which "unfortunately had moved out of the state" and steps needs to be taken to reestablish the state.
"Now our challenge is how to re-establish West Bengal as an industrial centre once again," he said.