Highlighting India as the world’s fastest growing major economy despite an unsupportive global environment, Finance Minister Arun Jaitley has said good monsoon, GST passage and higher spending will accelerate the upward curve in the coming years.
Addressing a conference in Tokyo yesterday, Mr Jaitley said that pro-growth policies have helped GDP grow at faster-than-expected 7.9 per cent in the January-March quarter, and 7.6 per cent for the entire 2015-16 fiscal.
Mr Jaitley asserted that these are not “stray figures” and an analysis of the pattern shows inherent strength in the Indian economy.
Stating that global unpredictability impacts India, he said the shrinkage of global trade as well as fluctuations in currencies has adversely effected the economy. He said besides, drought for two consecutive years in parts of the country also impacted the growth prospects.
The Finance Minister said reform process will continue. Hopefully, Goods and Services Tax bill is passed in ensuing monsoon session of Parliament, which has the potential to add to GDP growth.
Mr Jaitley said India offers flexibility to investors. He added that impetus on ‘Make in India’, increased infrastructure and rural spending would help push growth.