India Has Moved Beyond Protectionism, Says Jaitley

Seeking stronger relations between India and Britain, Finance Minister Arun Jaitely has called for enhanced engagement with the UK in various sectors, given the current global economic situation.

"The situation has significantly changed. The UK in view of the recent developments is now looking at the world outside the European zone and therefore it sees in India one of the great future partners in trade and businesses."

The finance minister looked back at the seven-decade-old relationship between the two nations, mentioning how India had inherited some of the best British traditions in governance and administration and how India had strengthened each of those institutions even as other developing nations dismantled them.

"Protectionism is a voice almost not heard in India any longer," Jaitely said, emphasising that the Indian economy is far more liberalised these days than a few years ago.

Despite many nations voicing for protectionism, India is looking to open up in a big way and following that direction in future.

"Today our economy is expanding. We are looking to open out, that is the direction for India. India's voice is getting increasingly noticed in the world," he added.

"There is a great amount of impatience in India and a far greater amount of realisation that we can grow much faster," the minister said at the three-day India-UK Tech Summit, which started on Monday.

Despite India growing at a much faster rate in comparison to the rest of the world, Jaitely expressed dissatisfaction with Indian growth standards and said that there is a need to deliver better results.

"We have wasted many opportunities in the past and an aspirational nation like India would not want to let go of any opportunity in the future," Jaitley said.

He called for tapping the potential in the eastern part of the country and rural areas and targeting the goal of taking the GDP share of manufacturing from 15 per cent to 25 per cent.