Union Finance Minister Arun Jaitley said India has the potential to grow at 8-9 per cent or even more in the next one to two years and global investors cannot ignore such an economy. He was responding to questions at a talk organised by the Columbia Business School in New York Friday. While blaming policy instability for deterring investment in the past, particularly taxation policy, the Finance Minister said there is certainly an improvement as far investment in India is concerned. Mr Jaitley said Foreign Direct Investment last year grew by 39 per cent. He said Foreign Investment Promotion Board received almost 350 requests in one year and he is sure this will continue to increase.When asked about the concerns of the US business community with regard to retrospective taxes, the Finance Minister said that any decision, which is retrospective and creates fresh liabilities, is not acceptable except in very unusual circumstances.On the Goods and Services Tax, Mr Jaitley said he is targeting to bring the tax regime into effect by 1st April 2016. Terming the GST as an idea that has been accepted by the states and country for its obvious advantages, the Minister said he does not think the GST can be deferred much more.Responding to a question on infrastructure, Mr Jaitley said the Union Government has started putting money in this sector.Mr. Jaitley said the government would soon come out with the compliance window under the black money law for persons having illegal money stashed abroad to come clean after paying tax and penalty. He said under the compliance window, a person holding unaccounted assets abroad will be given an opportunity to declare them and pay 30 per cent tax and 30 per cent penalty and come clean. Within the compliance period the person will have to declare the asset and then will get a time period to pay taxation plus penalty, which is 30 plus 30 of the asset's market value, he said. The Minister clarified that those who will not make use of the compliance window to come clean will have to pay a tax of 30 per cent, penalty of 90 per cent and face prosecution.He said the law in this concern has been passed and the government is going to announce the compliance period when he returns to the country.Mr. Jaitley rejected the argument that the Black Money and Imposition of Tax Act, 2015 provides amnesty or immunity to persons holding undisclosed income overseas.