India, Australia discuss steps to boost investment

NEW DELHI: India and Australia today discussed ways to step up bilateral investment and trade at a meeting between Finance Minister Arun Jaitley and Australian Foreign Minister Julie Bishop.

The issues that came up for discussion include India's measures in the past 10 months to attract foreign investments, various reforms like opening up the insurance sector.

Jaitley also briefed Bishop on various steps taken to ease doing business in India, including by making taxation system non-adversarial.

"India has global advantage vis-a vis-other countries in terms of faster growth and high investment opportunities," Jaitley said.

He also highlighted that domestic consumption demand is high in India and there is a scope for foreign companies to set up businesses in the country.

India is at present the 10th largest trading partner of Australia with a two-way trade of $15 billion.

Jaitley also said that India is in the process of implementing the indirect tax reforms Goods and Services Tax ( GST), and will spend more in irrigation, rural infrastructure and agriculture sector in the coming years.

During her four-day visit, the Australian foreign minister will travel to Chennai to inaugurate the Consulate General and participate in an India-Australia business event on Wednesday.