FM hints more liberalisation measures to insulate economy from global slowdown

Mumbai [India]: Hinting at more liberalisation measures to insulate the economy from global slowdown, Union Finance Minister Arun Jaitley on Thursday expressed hope that investment inflow would improve.

The Finance Minister, who was addressing a seminar attended by experts from BRICS nations on better international taxation procedures and global best practices to attract foreign investment, said that public investment has played big role in India’s growth.

He said that fears of spillover of trade protectionism from developed world are real.

Jaitley hoped that the fears about free trade will subside once the US presidential election is over.

Stating that BRICS has its own challenges, Jaitley pointed out India’s experiences have been different in the problems that other countries have faced.

The Finance Minister said the heads of government have been meeting over the last few years and expanding the areas of network.

Jaitley said increased cooperation is now taking place and contingency reserves arrangements are in place.

RBI Governor Urjit Patel, who was also present, said India’s average economic growth is seen as 5.1 percent this year.

He said that BRICS must work on improving business environment. He further added that outlook for global commodity prices remain soft.

Stating that India needs to manage commodity cycles better, Patel said that spillovers from global monetary policy are a risk to BRICS.

The RBI Governor further said that events like BREXIT and US presidential election also affects India’s policies going forward. (ANI)