Reform process is our focus: Finance Minister

Partnership Summit
Jaitley all praise for entrepreneurship qualities of Telugus
Visakhapatnam: Union Finance Minister Arun Jaitley on Sunday said the NDA government would continue with the reforms, which it failed to pursue in the recent months, with "single-minded focus" to increase investment and growth. He said with full confidence that business-friendly environment would attract investors into Andhra Pradesh.

"If (India) is to grow, it is obvious that our public and private investments have to grow. Some of our reforms, which we have missed out on in the last few months, have to be pursued with a single minded focus. We cannot afford a change in direction, and in these circumstances every state has to contribute," the minister said.

Participating as the chief guest at the inaugural session of the 22nd edition of the Partnership Summit organised by the CII in association with the Government of Andhra Pradesh at the APIIC Grounds here on Sunday, Jaitley said Andhra Pradesh has two assets - a very high standard of entrepreneurship qualities of Telugus and the leadership of Chief Minister N Chandrababu Naidu, who aims at a 14 per cent growth to contribute to the nation's economy.

"I have not the least doubt Andhra Pradesh is moving towards a situation where people not only from the country but also from all over the world would come to see new cities coming up here," he said and referred to the proposed new capital of the state Amaravati, which he said, would become a world-class city.

The minister pointed out that the country was moving towards competitive federation at a time when the economic crisis has been looming large over the world with falling prices of crude oil and commodities. In spite of the crisis, India is surging forward with 7.5 percent growth rate and need to pursue the reforms which were introduced recently.

He said the Mudra loan scheme was a huge success with 1.3 crore persons availing it and repaying regularly and the success has prompted the government to launch a new scheme Stand Up India. Under the scheme, every public sector and private bank must fund loan to a woman entrepreneur and one SC/ST entrepreneurs.

This would enable creation of more entrepreneurs and consequently create an island of growth. Chandrababu Naidu, in his address, detailed about the assets and the environment the State has. With a long coastline of 974 kilometers and having highest draft, the State has facilities for port led development.

“We have no labour unrest and have sizeable number of skilled persons,” the Chief Minister announced. The state will become number one among the three south Indian states by 2022, number one in India by 2029 and best destination by 2050, Naidu said.