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

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

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

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

MDR on UPI: Can sustainability come without weakening the network?

The extraordinary transaction volumes and value (₹29.82 Lakh crore in August 2026 alone) of the Unified Payments Interface (UPI) have made it not only an Indian success story, but a global one. In 2024, UPI accounted for nearly 49% of the world’s real-time payment transaction volume, with more th

The Xi-Trump summit: The unending rivalry

Diplomacy is akin to an art, wherein the summitry, conflict resolution and negotiations form apt constituents of the entire context of deal making and “playing for keeps” in the international arena. The Xi-Trump summit in Washington last week, in which the American president broke all conside

“Indians, yet treated like outsiders”

Moving to Delhi-NCR for education can be an exciting experience for students from Northeast India. It gives us a chance to meet new people, experience a different culture and become more independent. But living away from home also comes with challenges that people who have not experienced them may not al