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Defence Minister Rajnath Singh has said that the trust between the government and the industry has gone up following the scrapping of retrospective taxation and the Centre is open to new ideas to further boost the country's economic growth. He also said there is huge scope for the American and Indian defence majors to go for co-production and co-development of military equipment and that the cooperation would go a long way in strengthening bilateral economic dynamism.

The minister said India is a strong and reliable investment destination and the American companies should focus on the transfer of technology through joint ventures. He listed a range of measures initiated by the NDA government to boost economic growth and said the global investors are now receiving a ''red carpet'' welcome in India instead of ''red-tapism''.

Singh said ‘we are expecting double-digit growth in the financial year 2022 despite the challenge of COVID-19. But, the challenge will be to maintain a healthy growth rate of 7-8 per cent in the years after 2022.’ He also noted that the coronavirus pandemic has brought newer challenges in terms of disruption to supply chains, the downturn in industrial activities, negative growth in the travel and tourism industry. He added that there is no doubt that Indo-US cooperation will go a long way to restore normalcy and further boost economic dynamism.