India moved away from protectionism: Jaitley

New Delhi: Praising India’s relaxed foreign investment policies, Finance Minister Arun Jaitley on Friday said that India has moved away from protectionism despite being a developing economy.

“India is a developing economy but has moved away from protectionism. It’s becoming more open to foreign investments. We have an open investment policy, it is easy to bring in foreign investment,” Jaitley said at the India Economic Conclave organised by ET Now here.

“We had lot of public spending, Foreign Direct Investment, urban demand, some rural demand because of good monsoon,” he added.

Jaitley said that India’s roadmap can be judged from the fact that it has defied the global slowdown and is doing well and is not protectionist.

Talking about the major economies of the world moving towards protectionism, Jaitley said, “When governments take over, the tone is different as compared to the election campaign.”

“I have had discussions with British ministers, they said don’t consider protectionism with Brexit,” he added.

Jaitley said that no country could grow in isolation as the world comprises of consumers, who want goods and services of best quality and at the best price.