New Delhi: Finance Minister Arun Jaitley noted that although trade has the capacity to provide an impetus to the economy, there is still need to clear infrastructure deficit and bring spike to domestic manufacturing.
Addressing the valedictory session of the ASEAN-India Business and Investment Meet and Expo, Jaitley highlighted the enormous potential of investment in India, adding that the country has displayed its capability in performing at times of adversity as well.
“Trade and investment prospects are high in India, as it has demonstrated its capacity to grow in adversity. Not only have additional resources been brought in, the competitive strength of India has also been toughened. However, there is a deficit in infrastructure, and we would like to see domestic manufacturing grow,” he said.
Talking about trade relation between India and the ASEAN nations, Jaitley said the consolidation of their relationship is necessary to take giant steps for the future of the region.
“In the recent past, trade between India and the ASEAN nations has significantly multiplied. The India-ASEAN relationship has many facets to it. Look East Policy is an essential element of our foreign policy, while we have a shared culture through Buddhism. There is a special responsibility for trade ministers of the two regions,” he said.
This meeting, Jaitley noted, is crucial in analysing the future of the region as well as the growth prospects of the relationship in the coming 25 years.
The ASEAN India Summit will take place on January 25, followed by the Republic Day celebrations on January 26, for which all the 10 leaders from the ASEAN countries have confirmed their participation. (ANI)