India can be safe haven for ‘restless’ global capital: Pranab


New Delhi : Finance Minister Pranab Mukherjee said Monday India could become a safe haven for “restless global capital” if high economic growth was sustained in the coming years.

Support TwoCircles

“If India can continue to grow and acquire economic strength, we could be a source of stability for the world economy and provide safe havens for restless global capital,” Mukherjee said while inaugurating the golden jubilee celebrations of the Indian Economic Service here.

“It will also enable us to develop even faster and spread the benefits of growth to the poor and marginalised,” he said.

The confidence of foreign investors in Indian markets was rising and India was playing an increasingly important role in global policy making, he said.

The finance minister reassured the industry that economic reforms were on track and the government would take all necessary measures to support sustained economic growth.

“It is important for us to understand that government, on its own, cannot deliver on every aspect of our vast economy,” he said. “The government’s role is to create conditions where people are empowered and can help themselves.”

Mukherjee said the economic reforms, undertaken more specifically since 1990s, have led to a rapid globalisation of the Indian economy. “As a result, the nature and the domain of public policy making is undergoing a major transformation.”

He said there was an urgent need for building and strengthening public capacity to follow and analyse international economic developments, process information from diverse sources and respond to it quickly in keeping with national interests.

“With the centre of economic activity shifting towards the non-state actors, it is important to reorient government processes towards bringing about greater policy transparency, coherence and coordination across sectors and between different levels of government,” the finance minister said.