India an outpost of opportunity for global investors, says FM

indexNEW DELHI: Finance Minister Arun Jaitley has said that amid weaker outlook across the globe, India’s experience of strong economic growth, low current account deficit and adherence to fiscal recovery path have projected it as an outpost of opportunity for global investors.
He said the country’s economy is estimated to register 7.6 percent growth in 2015-16, notwithstanding contraction of global exports and two consecutive years of shortfall in monsoon.

Speaking at a meeting with a group of Executive Directors of the World Bank Group in New Delhi, Mr. Jaitley said the focus of the government is on areas like non-conventional power generation, sanitation, electrification of villages, irrigation projects and rural housing among others.

Highlighting the various macro-economic variables favorable to India, the Minister pointed-out that good monsoon forecast, political reform process and low current oil prices are the key drivers of economic growth.
He also called for expansion of the World Bank’s role in areas like education, health, agricultural development small-scale industry and handlooms. A group of nine World Bank Executive Directors is currently on a six day official visit to India as a part of their South Asian Region visit.

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