Speaking on the sidelines of his 3-day visit to the US, Finance Minister who also is at the helm of the GST Council said that for two decades India has high growth potential. Earlier at the time of delivering a lecture, Jaitley pronounced that the Council shall consider to bring the Indian real estate sector within the scope of GST as much of the tax compliance is faltered through this route.
He owed the high growth to structural changes in the Indian economy together with the turnaround faced worldwide. "India has the potential to grow at a reasonably high level in the next one-two decades. This is mainly because of the series of structural reforms being carried out by the government, turnaround in the global economy, and the massive investment opportunity that the infrastructure sector offers," said Jaitley.
"I am certain that now that growth is returning to the world, the future holds an important direction as far as India is concerned. The sheer size of the country and economy would offer huge opportunity for investment in India in the next few years," he said.
At the event conceived by the US-India Strategic and Partnership Forum he also applauded the success of demonetisation in ruling out ill-effects of shadow economy in India to some extent. He also promoted ease of doing business with Indian subcontinent given the number of measures to boost the same.
Also, talking about the biometrics ID available with most of the Indian citizens, he said that it helped the government to save a significant sum. For GST, Jaitley said, "a more efficient system which has brought the country together, even economically, allowed free flow of goods and services across the country."
As a concluding meeting of his US visit, the USIPF President on the eve said "US companies and investors are very much aware of the reforms the Indian government is making in order to expand the economy".
With Inputs from PTI