Union Finance Minister Arun Jaitley on Monday said that States that did not reform would be left behind in attracting investment since the future was for competitive federalism.
Speaking after the inauguration of ‘Happening Haryana Global Investors Summit’, Arun Jaitley called upon States to reform to attract investment, saying investors do not like policy paralysis and prefer destinations that offer more favourable business and political environment.
“Reform or perish could not be more true than today. Investors are not philanthropists and for every rupee they invest they look for returns. If there is policy paralysis then investors are not enthused,” Jaitley said
“In addition to co-operative federalism, India has also become a competitive federalism. The future would be competitive federalism because it's not Centre-state relation, but it is states and states competing with each other in order to attract investment,” he said.
The Finance Minister said Haryana had the geographical advantage of being part of National Capital Region. It had a composite economy with a large agriculture presence. At the same time, it transformed into a manufacturing hub over the last 30-40 years. Besides, the state was growing into a successful service centre.
He, however, cautioned that inequality was one of the reasons for emergence of social challenges.
"Therefore, the development taking place has to be addressed in other parts of states. The network of institutions that is emerging has to be in these areas. Connectivity with road and rail is important," he added.
Jaitley said a lot of announcements in the recently presented budget could help in uniform development.
The Finance Minister, who has announced a host of steps to boost manufacturing and real estate sectors, said if there is an environment of paralysis and policies are not reforming, the investor does not feel enthused enough to invest there.
Stressing on the need for further improvement of transport infrastructure, Jaitley said he reached late by 20 minutes for the event due to heavy traffic on the national highway.
Haryana FIRST state to partner Centre for rail infra
Haryana is likely to become the first state to enter into a partnership with the Ministry of Railways to create railway infrastructure in the state.
Union Railway Minister Suresh Prabhu, while addressing the state's maiden investment summit said that a Special Purpose Vehicle would be formed to tap the syneries of states across India for accelerating the growth of railway infrastructure. Haryana is the first to give consent to this initiative, he informed.
The Railways Minister also announced a rail coach factory to be set up in Haryana.
He said that in the recent rail budget, the government has decided to make huge investment in Haryana to expand the rail connectivity. “We want to take the rail infrastructure at the next level so that Haryana will further become an infra hub and contribute significantly in growth of the country,” he said.
Prabhu added said that he was happy to announce to make the project of setting up of a rail coach factory in Haryana a reality. The factory is envisaged to be set up over an area of 120 acres.
Real Estate Bill to be reality in Budget session itself: Naidu
Urban Development Minister Venkian Naidu expressed confidence that the Real Estate Bill will become a "reality" during the ongoing Budget session of Parliament.
"Real Estate Bill is going to be a reality in this Budget session itself. I am holding discussion with all stakeholders," he informed domestic and global investors at the 'Happening Haryana' conclave in Gurgaon.
He added that the law would be regulation not be strangulation
In remarks that came against the backdrop of controversies in JNU and Hyderabad Central University, the Union Minister said that out of 740 universities in the country, happenings in two or three of them are spoiling “image”.
“There are 740 universities in the country. 737 university students are focusing their attention on studies, academic excellence only, nothing else, everything is peaceful. But because of happening in 2-3 places the image is gone,” he said.
“We should not allow such things to happen in future,” said Naidu.
Referring to the Jat agitation in Haryana, Naidu said, what happened in the state should never be allowed to be repeated.
“We should draw lessons from that and there has to be repentance on that also because you cannot have such things here. There is nothing wrong in making a demand, asking for anything, but there is democratic method and everybody has to follow, otherwise name would be spoiled and people would be hesitating,” he added.
Haryana to become first northern state to establish nuclear plant
Union Minister of State for Atomic Energy and Space, Dr Jitendra Singh said that Haryana would soon become the first state in north India to establish a nuclear energy plant.
This 1,400 MW capacity plant would be established at a cost of ` 21,000 crore within the next six years. With the setting up of this plant, electricity would be provided to consumers at the rate of `6.5 per unit. This plant would attract further investment, said he while speaking at the investors’ summit.
Panipat refinery to be further developed
Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan said that Panipat refinery would be further developed as it has significantly contributed in the development process of Haryana.
He said that Union Ministry is promoting the usage of CNG to reduce the carbon emissions. The government has prepared a scheme for mixing five per cent ethanol in petrol which would benefit the State of Haryana in a big way. Farmers used to burn the residue of wheat and paddy which can be used for making ethanol.
He said that a scientist from Rohtak has submitted a project of making ethanol from rotten potatoes. The Government would assist all such projects related to the interest of the farmers, he added.
Defence Minister urges investors
Union Defence Minister Manohar Parrikar asked the Haryana Government to focus on possibilities of defence and aerospace industry.
Speaking at the investors’ Summit, he suggested that the State Government should focus on possibilities of defence and aerospace industry. Haryana has made significant contribution to the Indian Army, with one person from almost every family in the State serving in the Army, said he.
The Union Minister also urged the entrepreneurs to consider investing in Haryana, which he said was the preferred destination for industrial investment on the basis of technology, skills, hard-working nature of the people, better connectivity and environment mechanism.