Increasing investments in manufacturing will enable faster growth: Arun Jaitley

Mumbai: Finance Minister, Arun Jaitley spoke to the investors at the Bengal Summit on January 7, 2015.

Arun Jaitley stressed on the need to re-establish the state of West Bengal as an Industrial hub. He encouraged investors to invest the manufacturing sector of West Bengal. Industries need to create an environment that can ensure investments, thus resulting in greater future investments. The economic growth will depend on the cooperation between the Centre and the states.

Centre will support states in each rupee of their investments and there is a need to stand together for 'national causes' despite political differences. "I am here to assure you that central government strongly stands behind the state governments in order to support each one of the rupees and dollars that you invest in the state," the Finance Minister said.

“The manufacturing can create jobs, people will shift from the agriculture sector to the manufacturing sector,” added Arun Jaitley. West Bengal has a history of intellectual capital, has been agriculturally strong and also had some of the largest industries. Re-establishing the state of West Bengal is the biggest challenge in the present economic scenario.

Greater investments in the manufacturing sector will enable higher revenues, public-spending ability and faster economic and Industrial growth. 'West Bengal will benefit from reform measures such as coal block auctions and GST implementation, initiated by the central government,' added more.

Jaitley also said that the newly formed NITI Aayog, in place of the erstwhile Planning Commission, will financially empower states.