Seeing an opportunity in the recent turmoil in global equity and currency markets, Finance Minister Arun Jaitley on Thursday said India, with 8-9 per cent growth rate, can replace China as the driver of world economy.
The country has already laid down a "red carpet" for businesses which want to invest here, he said, committing to push ahead with the government's reforms agenda.
"The world needs other engines to carry the growth process. And in a slowdown environment in the world, an economy which can grow at 8-9 per cent, like India, certainly has viable shoulders to provide the support to the global economy," he said.
In an interview to BBC, Jaitley said India is an investor-friendly destination and investors need not fear any retrospective legislations.