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.”
 

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