India becoming one of most transparent, open economies: Jaitely

Visakhapatnam, Jan 27 (IANS) India is becoming one of the most transparent and open economies in the world with sector after sector opening for foreign investment notwithstanding the wave of protectionism elsewhere, Finance Minister Arun Jaitely said on Friday.

Addressing the Partnership Summit in this coastal city, he said that 90 per cent of the investment in India is through automatic mode which reflects the transparency and ease of doing business.

Jaitely told delegates from 40 countries attending the two-day event that India is investing in a big way in different areas of infrastructure and rural areas and this si what keeps the growth process going.

Jaitely said the world is facing serious challenges as it was struggling to get out of the slowdown process.

"The future appears to be uncertain and there is also a rising tendency more particularly among the developed world in falling back on protectionism," he added.

The minister said over the last few years, what has got India growing at a reasonable rate among the fastest growing economies are a series of factors -- the most important being the change of attitude and vision of the people.

"Never in history have we seen a situation where people of India come out and openly become so increasingly aspirational that they start supporting and demanding reforms and changes in Indian society and the economy," he added.