Asking Australian superannuation funds industry leaders to invest in India, he emphasised that the growth path the country is moving on, it will stay on it. "Its only then India can eliminate the curse of poverty," Arun Jaitley said, hoping that the growth rate would last for at least 10-20 years.
"We do believe that 7.5 per cent rate can be improved upon... And government is concentrating on several areas specially rural India," he said.
"People in India are benefiting from the whole process of liberalisation," he added. Jaitley was speaking at a round-table meeting with top leaders of superannuation fund sector.
The meeting was attended by Australian Minister for Small Businesses and Assistant Treasurer Kelly O'Dwyer, Chairman of Future Fund Peter Costello and Indian High Commissioner Navdeep Suri. Others present at the meeting included a high-powered Indian delegation led by industry body Ficci.
A superannuation fund is a voluntary tax-advantaged pension plan that can act as a supplementary social security pillar in addition to the mandatory occupational plans run by Employee Provident Fund Organisation (EPFO).
Jaitley said the government was opening up the system and almost all sectors have been liberalised. He said number of conditionalities have been removed and Indian government was also conscious of policy stability.


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