On the sidelines of a Singapore Fintech Festival, Arun Jaitley sounds optimistic of India's economic outlook and says with recent formalization of business activities and enhanced digitalization, India is set to emerge as the most attractive destination for business on the global map.

The finance minister accolades GST, demonetisation, financial inclusion in the run up to the economy's current situation. He also brought to the fore the country's laudable improvement in respect of ease of doing business index in which the country moved 30 ranks up to feature in the top 100 economies.

"But I have not the least doubt in my mind that the medium to long term, this is bound to produce long-term returns as far as the Indian economy is concerned," said Jaitley.

He sensed the improving compliance and hence expanding tax base with formalization and integration of sectors across the Indian economy.

Jaitley is slated to attend the annual Asia Pacific Summit of global financial institutions organized by Morgan Stanley tomorrow.

With Inputs From PTI