World Economy

India Committed to Fiscal Deficit Target

India Committed to Fiscal Deficit TargetIndia Committed to Fiscal Deficit Target

India’s Finance Minister Arun Jaitley has reiterated the government’s commitment to meet fiscal deficit target and to continue on the path of economic reforms, according to an official statement. He said that implementation of GST was very high on the government’s priority.

Jaitley was speaking during his meeting with major foreign institutional investors and companies in Hong Kong on the first day of his two-day official visit to Hong Kong that began on September 20, PTI reported.

At the meeting, investors raised issues relating to development of corporate bond market, currency derivatives market and further liberalization of external commercial borrowing policy including rupee denominated offshore bonds.

Later in the day, the finance minister addressed a luncheon meeting organized by Hong Kong Trade Development Council. Jaitley talked about the increasing trade and investment relationship between India and China and the important role being played by Hong Kong in this regard.

China had been a significant contributor to the global growth in the last decade. Jaitley said that India would look forward to enhancing its engagement with China and Hong Kong Special Administrative Region in economic investment and trade areas.

He mentioned that in the development of hundred smart cities, there was large potential for Hong Kong services sector companies to collaborate with India companies.

Margaret Fong, Executive Director, HKTDC talked about large bilateral trade between Hong Kong and India and that Hong Kong was a major gateway for Indian exports to China. She said that Hong Kong as a regional logistics and sourcing hub, could play a larger role in India’s trade with China and with East Asia. In April 2015 HKTDC opened its second office in Delhi after Mumbai and would be organizing visits of business delegations to India, she added.

Members of HKTDC raised issues relating to their participation in metro rail projects in India, power sector investments from China and supply of architectural and consultancy services from Hong Kong to India.