Union Finance Minister Arun Jaitley on Sunday said the Narendra Modi government would continue with the economic reforms with single-minded focus.
Addressing the CII partnership summit in this coastal city in Andhra Pradesh, he said the government would continue with reforms which it failed to pursue in recent months.
"Some of our reforms, which we have missed out on in the last few months, have to be pursued with a single-minded focus. We cannot afford a change in direction, and in these circumstances, every state has to contribute," the minister said.
Stating that the world economy was going through an extremely difficult and challenging time and difficulties, he said this had "spilled over into our system also".
Jaitley pointed out the World Bank has lowered the global growth forecast to 2.9 percent while the growth rates of economies across the world are hovering around extremely low figures.
"Many of our competing economies are facing extremely serious challenges. In an integrated economy, a large number of those challenges and difficulties gets spilled over.
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"So because of the integrated economy, what happens in China, what happens in oil prices, impact our markets. Our revenues also get impacted, when the price regimes are low because nominal GDP gets reduced," he said.
He, however, said that even under the trying circumstances Indian economy was doing well.
"India continues to remain the fastest growing economy in the world. So our 7-7.5 percent growth rate stands out amongst the larger economies as bright spot among global economy."
The minister said he believed that India can convert these circumstances into an opportunity beacuse some of the factors adversely impacting the world suit the country.
Jaitley said after Start Up India, the government will launch Stand Up India, which will be available to only to women and the SC/ST entrepreneurs.
"Every public sector and private sector bank, each branch in the country has to fund one SC,ST and one woman entrepreneur," he added.
Lauding the reforms initiated by Andhra Pradesh, he said the state was recording double-digit growth and it would be one of the key engines of growth.
Responding to a request made by Andhra Pradesh Chief Minister N. Chandrababu Naidu, Jaitley assured all help to the state in dealing with the post-bifurcation challenges.
He noted that Andhra has many assets to become an investors' destination because of dynamic leadership and ecosystem
Jaitley hailed competition among states, who have been holding investors' meets to attract investment, and claimed that Prime Minister Narendra Modi is successful in converting cooperative federalism into competitive federalism.
He suggested states improve ease of doing business as investors look for stability of policy and business eco-system.
Nearly 1,600 delegates including 350 from US, China and 39 other countries are attending the three-day summit.
CII director general Chandrajit Banerjee said that this is the largest ever turnout at the Partnership Summit.
Eminent industrialists including Anil Ambani, Baba Kalyani, Naushad Forbes, G.M. Rao and Adi Godej were present at the inaugural session.