"I owe it to all investors to make it absolutely clear that the DIPP's circular clearly indicates what the old policy is, but I have put a caveat to say that the present party in power has never been enthusiastic about this. Therefore, investors should know candidly what the position in India is.

He was replying the question what the government would do if foreign players apply for setting up retail stores in India. Talking about the future course of action on the economic front, the minister said the government would focus on structural reforms to achieve 9-10 percent growth, which is India's potential.

Jaitley further said he was not satisfied with 7.5 percent GDP growth and added "India's potential is far more. And I have a longer list of reforms for the second year and third year, which is certainly ready".

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