Montek lights expectation of FDI in aviation

He also added that growth was not dependent solely on legislative reforms and there was no need to push policy moves in the legislative pipeline.

“I don’t believe that unless we have all these legislative reforms passed, we can’t grow. The fact is that India grew for five years at 9% per year without any of these new legislations. It’s therefore possible to tap the innate dynamism of the economy if we get rid of the some of the impediments to growth,” Montek explained.

Below is an edited transcript of the interview on CNBC-TV18. Also watch the accompanying video.

Q: What about executive decisions? Many of these pending proposals will require just a Cabinet nod. So how is that taken care off?

A: There are many things that do not require legislative change. That’s what we should be focusing on right now.

Q: After FDI in retail, will there be FDI in aviation?

A: While I am in favour of FDI in retail and I am also in favour of FDI in aviation. I don’t think if you allow FDI in retail today, that’s going to affect the growth rate in this year.

It is most important to make sure that the problems of fuel supply for power projects is taken care of and the problems of implementation of many large projects is taken care of.

The existing system of awarding PPP concession agreements in roads and ports and should go on as that moves the projects much faster.