Easing entry barriers for foreign firms key for growth: Jaitley

Aiming to sustain a high growth rate and eradicate poverty, Finance Minister Arun Jaitley on Saturday stressed the need to ease entry level barriers for global corporates and ensure stability in taxation policies.

"We need to make entry point into India easier for large global corporations to grow. We have to ease the process of doing business," he said at the annual convocation of Management Development Institute here.

The minister said ease of doing business, the stability of policy, the maturity of political decision makers, the maturity of political process in reaching the correct decision is important rather than creating hurdles, from "our infrastructure to taxation".

"We have to become globally competitive," Jaitley said.

The Indian economy is expected to grow at 7.4 percent in the current financial year 2015-16.

Regarding poverty eradication in the country, he added: "Best response to poverty eradication is high growth rate. Sluggish economy cannot eradicate poverty. They can only distribute poverty."