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Referring to his comments, Jaitley said, "GE's locomotive plant is a matter of great significance. "I have always said the current rate of 7-7. "We have a very noisy democracy. Elaborating, he said: "First is ease of doing business. "What is important is moving the things continuously and opportunities are huge. "Five years ago, it was all about BRICS and now it is about one country of this block. "We were expecting to grow over 8 per cent, but inadequate monsoons not only led to agriculture production falling but the consumption power of rural economy also got hit.. Emphasising that the reform process has a key role for states, the Finance Minister said: "We used to talk about cooperative federalism but I am happy to see now that states are competing with each other to attract investments."We are conscious of the fact that the government alone cannot do everything. General Electric Vice Chairman John Rice, who was also on the panel, said his group has a huge presence in India and for it, the country has been strategically important for a long time. But I am finding that there are more people who want to support the growth and the others are very minuscule minority. It was mostly due to states-related issues and therefore we have come out with a new programme for that."We, of course, have our own challenges.

No reform proposal has actually got stuck for long so far despite India being a 'noisy democracy', he said.".5 per cent. For 'Start Up India' campaign, "we had made preparations for about 2,000 people and we got requests from about 1. Rice also talked about a major project of GE that has finally come through after a wait of 20 years. At the session, CII Director General Chandrajeet Banerjee said India is indeed the bright spot in the world economy and it can very much become the next engine for the global growth." Stressing that opening up the economy completely is another area of focus, Jaitley said, Railways was one of the touch-me-not sectors, operated entirely by the government. Further, Jaitley said. The first tranche has been announced and the second would come in a couple of weeks," he said. He noted that there are broadly two areas "which I can still see are work in progress but I can't see a reason that they can't be concluded". Inviting foreign players to invest in the infrastructure space, he exuded confidence that the stuck reform measures like GST would go through as the numbers in the Upper House will change favourably soon. He added: "Two of the sectors, highways and sugar, have already started showing signs of turnaround.

"The paradox is that the party which drafted GST is not on board. We are concentrating on infrastructure and for the first time in history we have been able to rationalise the subsidies," the Finance Minister added. Public investment is one that we are doing. There is still head space that we have and I am sure we would be able to reach that," he said. There are certainly a lot of things that you would not like to have in a perfect world but the Indian story is going great. When government talks about 'Make in India', from our perspective it is becoming very real. "The clearance processes have been fast tracked in a big way, including for FDI proposals. I had earlier committed and now I am willing to add to the earlier proposal." Another area was image of India on tax issues and the things have changed on that front and nobody now talks about that, he noted. Jaitley said the second area is how to address the problems of affected sectors and the government has started work in this regard." He added. Jaitley was speaking at a breakfast session on 'India -- The next growth engine of the world', organised by industry body CII and consultancy BCG here on the sidelines of the Wayfinding signage Manufacturers WEF Annual Meeting.

In days to come India will have to focus on reviving private investments, Jaitley said, adding, "we are asking people from all over the world to become partners in India's infrastructure growth story". "India is a noisy democracy but I am sure that we would be able to get all of them through.. Another bottleneck was years and years (taken) for environmental clearances and that has been taken care of.5 per cent is not our real potential and we have potential to add 1-1." On Defence, he said it was "completely closed although most of the purchases were from outside the country. On GST, Jaitley said the good news is that all states are on board and all political parties, except one, are also on board. According to Rice, the pace of decision-making has improved in India. The government will be bringing down its equity to 52 per cent.. We have opened up that sector and a lot of activities are happening there". Some measures have got delayed but none of them have actually hit a complete road block," he added.5 lakh participants and I was left thinking whether we should have organised the event in a stadium rather than in an auditorium," he said. There are 55 per cent people in agriculture and that sector has not enough for these many people. It was a decision which was in waiting for a long time. When we talk about going faster, decision making processes, our experience is that the country which puts in place a clear vision is the one which gets the investment.

Noting that a series of reform measures are pending, Jaitley said some of these become symbol of whether India would be able to cross this obstacle or not. Then RBI has done well in pushing banks to start making the recoveries and the last couple of weeks have seen a flurry of activities on banks. According to him, people are eventually going to pay for the goods and services they want to buy and for the weaker sections technology would be used to ensure that the benefits reach the right target group.. The sector itself needs to be strengthened and then we had two bad monsoons. The time taken for setting up the business has been considerably reduced." On strengths of India, he said that more important than the large population that the world cannot ignore, what is working in favour of India is a large middle class, new skilled manpower coming up and the emergence of a new aspirational class. "In railway infrastructure, we have allowed private sector participation and the next they are going to raise funds through bonds etc. We are bringing weaker sections to the formal banking sector to help them become entrepreneur. Meanwhile, Jaitley said the financial inclusion programme has been a huge success and the response immense.

That was probably a wishful thinking at that time, but not anymore," Jaitley said. They had proposed to build plants in most backward of the states. A number of steps that we have taken will take us significantly up on the rankings of the World Bank and the WEF for ease of doing business. India has got the market, resources and all the ingredients to make it happen," he noted. Any economy needs multiple engines of growth," he said.No reform proposal has actually got stuck for long so far despite India being a 'noisy democracy' Davos: Confident of utilising the headroom available to the Indian economy, Finance Minister Arun Jaitley on January 21, said it needs some additional growth engines and the focus now is on reviving private investments. A lot of people are waiting to invest in India and this is the time to do it," he said. One critical sector is steel but the problems are mostly due to external factors.. "The second sector that caused stress to banks is the power sector... Once BBC's Mark Tully said there is no full stops for India. "In the past we had fewer such engines and we need a few more. "Most of the states that grow will actually add to the country's growth rate. But then the numbers in Rajya Sabha are going to favourably change soon and I am hopeful that the GST would be through," he added. Next, we are going to modernise the train stations and these are the causes that have been welcomed by the country. According to Jaitley, India is developing an entire eغير مجاز مي باشدystem to ensure that Indian companies start innovating and those innovative platforms are also used by foreign entities. "The time is now for India with the (Narendra) Modi government in place." To a question on problems in the banking sector, Jaitley said, "The public sector banks' issue has been piling up for years and the situation has now become that they have NPAs at a level that is a matter of serious concern". The government is committed to recapitalise the banks. There are three other sectors where there are problems. "We have started working on that. "I was thinking whether there should be a question mark or a full stop for the topic