“Korean experience of handling their economy has indeed been inspirational for India,” stated Shri Arun Jaitley, Minister of Finance and Corporate Affairs, Government of India while speaking at the India-Korea Business Summit 2018 – “India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”, jointly organized by the Confederation of Indian Industry (CII), Department of Industrial Policy and Promotion (DIPP), and the Chosunilbo in New Delhi on 27 February 2018.
Mr. Jaitley further added that the Korean experience and their constant focus on innovation and technology have strengthened the Indian economy and added to its development, while highlighting the fact that there are hardly any Indian household where there is no Korean presence – whether in terms of automobiles, electronic products, etc.
The Finance Minister emphasised the fact that it is important to understand the direction in which India is moving as well as the potential of investment in India, in terms of where India will stand in the next 10 to 20 years.
He added that in the last few years, India has demonstrated that it has the potential to self-correct itself, to continuously reform and has taken difficult decisions to stay on a high growth trajectory, even in the face of great adversity. Additionally, over the years, India has become a more open economy, has greatly integrated itself to the world and made procedures for business extremely simple.
While talking about the recent transformational Goods and Services Tax, Shri Arun Jaitley stated, “We have added more predictability and stability as far as taxes are concerned.” He further emphasised that a more unified and relatively simpler tax structure of the economy was extremely investor friendly for international investors.
The Finance Minister added that Manufacturing was the area where India needs to achieve its best. Considering the sector is going to expand substantially in the next decade or two, appropriate policies need to be in place for the promotion of the sector.
“Sky is the limit as far as investments in infrastructure is concerned”, added the Finance Minister while highlighting that Infrastructure investment will have a very important role to play.
With all these measures and the recent strides taken by India in the recent past and with its large pool of talented human resource, “Over the next 10-20 years, India will continue to remain one of the fastest, if not the fastest, economies in the world,” added Shri Jaitley.
Mr Anand Mahindra, Chairman, Mahindra Group, while speaking on how Korea has succeeded in becoming a developed nation and one of the most innovative nations in the world, stated that the ability to deal with disruption, planning and execution is what complements the country’s strength, which has also been replicated in India over and over again. The ability to multitask along with the ability to plan and execute in the presence of uncertainty will allow both the countries to survive, he added.
Mr. Deepak Bagla, CEO & Managing Director, Invest India spoke about the very special bond that India and Korea share and added that Korean Investments in India are success stories that are taught in business schools across the country. “200 million Indians are touched daily by a product made in Korea and there’s still a billion left to be touched”, he added.
February 27, 2018