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

Reality As It Is: The Buddha`s advice on overcoming bias, prejudices

‘See Things As They Are’: Life Lessons from the Buddha Edited by Nanditha Krishna Aleph, 98 pages, Rs 399 There is a wonderful idea behin

World growth expected to face inflation pressures

World GDP forecasts for 2023 have been revised down again as central banks intensify their fight against inflation and the outlook for China’s property market deteriorates, says Fitch Ratings in its latest Global Economic Outlook (GEO) report. Fitch now expects world GDP to grow by 1.4

200+ bird species documented in Chhattisgarh’s first-ever survey

Nine species of owls (including the magnificent spot-bellied eagle-owl), 10 birds of prey, 11 species of Woodpeckers (including white-bellied woodpecker – the largest woodpecker in peninsular India), and many other species have been documented during a first-ever bird survey in Chhattisgarh.

Cyclists plan ‘memorial ride’ to press demand for infrastructure

Cycling is a passion for many, and it is a way to fitness too. With rising numbers of vehicles on the road, the government encourages this environment-friendly mode of transportation, but it comes with numerous challenges. An accident last month on the Mahipalpur flyover of south Delhi, which took the life

“World headed towards stagflation; India must take care of the poor”

As the post-pandemic fallout and geopolitical uncertainty slows down global economies and sanctions against some nations, energy crisis and inflation are adding to the troubles, India is projected to be decoupled from world economy and fare better. To check if this belief really holds water, in the latest

The changing nature of CSR in India

With the advent of globalization came a new set of challenges for corporations, notably the duty of ensuring the well-being of all stakeholders while also protecting the planet`s natural environment. Although we are dedicated to a faster and more inclusive rate of growth, it is equally imperative that we f

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter