Private sector investments imperative for growth: Jaitley


San Francisco, Jun 23: Finance Minister Arun Jaitley today said Silicon Valley corporate leaders and investors that for growth to gain traction increase in private sector investments was imperative, even as he cautioned that ease of doing business would need constant monitoring and improvement.

He highlighted that at a round table organized by the Confederation of Indian Industry (CII) in partnership with US-India Business Council to improve the economic and investment in India.

Some of the companies around the table included Microsoft, Applied Materials, Amazon, Oracle, Hewitt Packard, Visa, Franklin Templeton, Google, Cisco, First Solar, Aemetis, Ebay, Qualcomm, Blackberry, San Disk among others.

Alluding to the much stronger economic fundamentals, Jaitley mentioned that the monsoon prediction is improving and with it the prospects of the agriculture sector doing better, which would put the economic growth prospects on an even better footing.

The manufacturing sector had started to do much better after a protracted period of slowdown, he said.

Commenting on demand revival, Jaitley mentioned that micro attention was being paid to stalled projects and a pickup in that area would be helping demand for industrial products.

A benign inflation situation could further allow softening of interest rates, he said.

Dr Naushad Forbes, president-designate, CII emphasised "India and the US are natural partners owing to common principles of democracy and federalism. India is a noisy and vibrant democracy that has an innovative private sector as its growth engine. India today presents a strong long term growth story while aiming for inclusive and sustainable growth." 

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