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Don’t Hear Even A Whisper Of Protectionism Any More In India: Arun Jaitley 

Even at a 7.5 percent plus growth rate, India is not a satisfied nation: Arun Jaitley

Arun Jaitley, India’s finance minister, arrives at a news conference in New Delhi. (Photographer: Anindito Mukherjee/Bloomberg)
Arun Jaitley, India’s finance minister, arrives at a news conference in New Delhi. (Photographer: Anindito Mukherjee/Bloomberg)

At a time when developed economies are adopting a more protectionist approach, Finance Minister Arun Jaitley on Monday said there is not a single sound or whisper of protectionism being heard in India.

“We don’t hear whispers of protectionism that we used to hear a few decades ago, and it is a tribute to the fact that India is willing to accept investment from wherever the investment wants to come in, and is tuning its policies in support of that investments,” Jaitley said at the inauguration of two-day ‘Make in India-Karnataka’ conference in Bengaluru.

This rhetoric of protectionism and continued global slowdown have not affected India, the finance minister said. India has become an increasingly aspirational society and the environment for reforms has never been more supportive, he added.

Jaitley stated that even at a 7.5 percent plus growth rate, India is not a satisfied nation.

There is a hunger to grow at a faster rate. We are not just satisfied with the tag of fastest economy in the world. There is a huge amount of impatience among people to grow faster, get rid of poverty and this impatience coupled with great aspiration to move forward is itself a pressure on policy makers to reform and grow faster.
Arun Jaitley, Finance Minister 

Jaitley added that Karnataka must grow 2-3% higher than the national average to help the country achieve a higher growth rate.

Siddaramaiah Bats For Domestic Focus

Speaking at the same event, Karnataka Chief Minister Siddaramaiah, however, said the government should reduce its dependency on foreign capital and foreign technology and shift focus to domestic capital and homegrown technology.

“Lets give higher priority to Indian products and technology and align all regulations and actions accordingly,” he said. To that effect, the state will host an annual event for startups, the chief minister said.

“We are inviting innovative ideas in manufacturing and will select five startups ideas and will incubate them for a period of two years and have also set aside a seed fund of Rs 5 crore to fund the startups besides providing one acre of land in select industrial areas at a subsidised cost,” the chief minister added.

To encourage the manufacturing ecosystem in the state the chief minister also proposed an award for ‘Best Manufacturing Industry’ in Karnataka. The winners will be awarded a cash prize of Rs 1 lakh, starting November 2017.

He further requested the Centre to consider partnering closely with the Karnataka government in giving additional incentives and benefits to strategic sectors that will include aerospace and defense, renewable energy and electrical hardware.