"What strikes us today is two important factors - unpredictable global slowdown and the rhetoric of protectionism in developed economies - have not affected India," he said at 'Make In India-Karnataka conference' here.
Not a single sound or even 'a whisper' of protectionism is being heard in India and such talk is there only in the developed economies, he said, adding that this itself is a tribute to the fact that the country is willing to accept investments and tune its policies.
He said the environment supporting reform has never been as supported in the past as today and so it is the responsibility of both the central and state governments 'to put themselves together' and look at the road map of continuing this path of growth.
The minister also said that in spite of India's growth being pegged at 7 to 7.5 per cent growth rate, it is not a satisfied nation and has hunger to grow even faster.
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He said once the GST regime is implemented, the whole country will become one big market with easy flow of goods and services, with the help of good taxation system and one assessment system, instead of multiple ones.
Jaitley said government has taken a series of steps to integrate the informal economy with the formal one, which could increase revenue for states as well as the Centre.
The government has chosen to invest in agriculture, infrastructure and social sectors, he said.
"We have chosen to invest in agriculture where a larger purchasing power is in existence," he said.
Jaitley said it is only when Karnataka achieves 2-3 per cent higher than the national growth rate that its ability to lead India economically would become a reality.
REOPENS DEL 14
Sources said, Jaitley will take charge of the defence
ministry tomorrow morning. Earlier he had been in charge of the ministry between May, 2014 and November, 2014 after which Parrikar took over.