Sydney: Finance Minister Arun Jaitley today invited businesses in New South Wales to invest in India, saying the country wants foreign sovereign wealth funds to be part of NIIF, pension and insurance funds in India.

Making opening remarks during his meeting with the New South Wales Premier Mike Baird here, Jaitley also highlighted various initiatives and reforms measures undertaken by the government to boost the Indian economy which is growing at a rate of above 7.5 per cent.

Stating that India needs a lot of Foreign Direct Investment, especially in manufacturing and infrastructure sectors, he said state governments are taking keen interest and competing among themselves to attract foreign investments. Baird expressed keen interest in investment opportunities in India particularly in the infrastructure sector. He highlighted the importance of communicating the information to larger business community in Australia to enable them to understand the opportunities available in India. Baird also informed the Finance Minister that he intends to visit India during the next ‘Vibrant Gujarat’ summit in January, 2017. — PTI