Union Finance Minister Arun Jaitley has said that 75.5 percent growth rate might not be the best potential rate for the country. He believes that the potential is little higher than that.
Jaitley agreed that there is a lot of restlessness in the present government to boost the economy and added that the series of reforms will, for sure further India’s economic growth. A lot of investment is being put into infrastructure, manufacturing and agriculture; it will push up India’s economic growth.
Arun Jaitley, Finance Minister has predicted a growth rate higher than 8 %.
Jaitley said that no one is exhilarated about 7-7.5 percent growth rate in India as everyone realizes including the Prime Minister that it will be higher than that,
This has come up as a positive outlook on India’s economic front wherein the finance minister has agreed that on realistic terms the economic prospect is better than the one which is set.
Jaitely, though agrees that this is a positive sign also said that the most crucial phase of the journey is yet to come. He believes that the next two and three years will be very critical from the point of view of the implementation of steps. A series of reforms which are still in pipeline will be implemented. Jaitley expressed hope for resolving the problems in different areas which have been identified area by area.
Given the track on economy and optimistic goals, finance minister also said that higher GDP growth targets will be set by government in future.
Jaitely was questioned about the ‘renewed tax terrorism’ in India, he said that it is coined by him and it is on his shoulders that this doesn’t happen again in the country
Jaitley is currently on a nine-day visit to US. He is expected to hold meetings with top CEOs of American financial companies during the stay.