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.