VISAKHAPATNAM: India hopes the rapidly-growing Andhra Pradesh will help achieve the national double-digit growth target, finance minister Arun Jaitley has said, assuring all help in terms of tax incentives to enable the state to attract large investments . Jaitley was addressing international and domestic investors at the Partnership Summit, jointly organised by the Andhra Pradesh government and the Confederation of Indian Industry (CII), on Sunday.“Andhra Pradesh is not just targeting double-digit growth, but also looking at 14-15% growth rate, which becomes a major contributor for pulling India’s economy up. We will help Andhra Pradesh grow and become one of the best states,” said Jaitley.Lauding states’ increasing efforts to attract global investments through investor summits, Jaitley said the country was witnessing not just cooperative federalism but also competitive federalism, under leadership of Prime Minister Narendra Modi. Jaitley said Andhra as an investment destination has two major assets, among several.“The first one is the very high standards of entrepreneurship of Telugu people. The ecosystem which exists in Andhra Pradesh is inherently businessfriendly. The second important factor is the leadership chief minister Chandrababu Naidu is capable of providing.” Appreciating the state for achieving a growth rate of over 11% post-bifurcation, the finance minister said it was expected to see accelerated growth once the greenfield building began, portbased activity started and investments into defence and automobile sectors came in.Admitting that serious challenges of competing with global economies in integrated environment will have spillover effects on the Indian economy , Jaitley said India continues to be the fastest growing economy in the world and the 7-7.5% growth rate stands out amongst the larger economies as bright spot in the global scenario.“The low oil price regime and the low commodity price regime substantially suit us because we are net buyers of these,” said Jaitley, adding, “Some of the reforms that we missed out in the last few months have to be pursued with single-minded focus and we can’t afford change in direction.” On Sunday, the Andhra government announced signing of agreements with some of India’s large industrial groups in attracting investments.Close on the heels of acquiring Pipavav Defence to enter the defence manufacturing sector, the Anil Dhirubhai Ambani Group chairman Anil Ambani announced setting up the group’s large navel defence manufacturing facility to make submarines involving Rs 5,000 crore. Bharat Forge chairman Baba Kalyani announced setting up two large defence components and automotive components facilities in Andhra Pradesh.