India’s growth story pegged at 7–7.5 percent, says Jaitley

Despite global challenges, the finance minister says, Indian economy is well prepared

GN Bureau | April 7, 2016


#Growth Net Summit   #indian economy   #finance minister   #arun jaitley  
Finance minister Arun Jaitley (centre) at the Growth Net Summit
Finance minister Arun Jaitley (centre) at the Growth Net Summit

Showing confidence in the Indian economy, finance minister Arun Jaitley said that India will be able to maintain the growth level of 7-7.5 percent despite challenges in the global economy. Speaking at the Growth Net Summit, a global economic conclave, Jaitley said that India is a high growth market and that the government is conscious of the restrictions of global environment in which it is functioning. The conclave was organised by the Ananta Centre, Smadja & Smadja Strategic Advisory and Confederation of Indian Industry. 

 
Talking about the steps taken by the government to reform the economy, Jaitley said, “Direct Tax reforms, legislative reforms in sectors like coal mining and insurance are some of the many. The government is also trying to modify large number of rules to address the sectoral problems. We are addressing each sector one by one. We will start seeing the impact of these incremental reforms.” 
 
“The low oil price is the silver-lining for the Indian economy. Basic macroeconomics indices seem to be at a reasonable level, interest rate movement is in the right direction, several factors are contributing to this,” he added. 
 
Also banking on international investors, Jaitley said, “All these factors taken together, with increased spending on infrastructure, the possibility seems likely that we will be able to maintain the 7-plus percent growth rate that we have maintained in the last two years. The Indian economy has been able to show a considerable level of resilience.”
 
On non-performing assets of the banks, Jaitley said that the Reserve Bank of India is looking at the extent of NPA. “The losses that occur in the business environment are sometime cyclical, loans that were given without due diligence are the problem areas. As the global economy improves you will see an improvement in the balance sheet of the banks.”
 
He added, “The government is conscious of the limitations that it is operating in, global headwinds are certainly not very supportive, most economies are facing their own challenges but the Indian economy is well prepared for uncertainties.”
 

Comments

 

Other News

Sowing wheat earlier can help increase yields in India: US researcher

Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher.   Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie

Giving birth as a Baiga

Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p

Being the prime minister’s brother

Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b

Should ration cards not linked to Aadhaar be rendered ineligible?

Should ration cards not linked to Aadhaar be rendered ineligible?

INS Kiltan commissioned into Indian Navy

 INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam.    The anti-submarine warfare stealth corvet

SAIL`s special grade steel used to build stealth corvette

Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy.    SAIL’s integ



Video

Grand Diwali celebrations in Ayodhaya on eve of diwali

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter