India’s finance minister Arun Jaitley on Tuesday advocated reducing the cost of doing business in country.

New Delhi, June 10/Nationalturk-  In order to attract more foreign investment in the country, India’s finance minister Arun Jaitley on Tuesday advocated reducing the cost of doing business in country and improving the business climate.

“Jaitley emphasized the need for financial stability and the need for coordinated approach by all the financial sector regulators to achieve the financial stability,” an official spokesman said adding he referred to the high political expectations from the new government and the opportunity now available for resolving long-pending problems facing the economy.

While speaking at the meeting of the Financial Sector Development Council (FSDC), Indian Finance minister cautioned against slackening the vigil in the area of fiscal consolidation.

He stressed on the need to improve the business climate and reducing the cost of doing business as important means for revival of the investment cycle.

‘Improvement in vital macroeconomic parameters’

The members of FSDC noted that recently there has been improvement in vital macroeconomic parameters such as decline in fiscal deficit, reduction in the Current Account Deficit (CAD), increase in forex reserves and relative stability of exchange rate. However, they felt there is a long way to go in terms of reviving economic growth, controlling inflation especially food inflation, keeping deficit under control, addressing infrastructure bottlenecks and finding ways to absorb the growing workforce in a productive and meaningful manner. “There is also a need to continue to be in a state of preparedness for managing any external sector vulnerabilities.”

The financial sector regulators at the meeting presented their suggestions on the forthcoming Indian Budget as also their ideas on next generation financial reforms.

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Asia News/ NationalTurk India News