"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 U.S., 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.