India to Record Over 7% Economic Growth: Arun Jaitley

Arun Jaitley, Minister of Finance, Government of India at the opening plenary session of The Growth Net 2016 Summit
Arun Jaitley, Minister of Finance, Government of India at the opening plenary session of The Growth Net 2016 Summit

The Finance Minister of India, Arun Jaitley, says that despite adverse global headwinds, India is all set to record a growth of 7–7.5%. Jaitley was speaking at The Growth Net event that started in New Delhi Thursday.

In his remarks at the opening plenary session, Jaitley said that India is a high growth market and the government is conscious of the restrictions of global environment in which it is functioning.

The two-day global economic conclave is being jointly organized by the Ananta Centre, Smadja & Smadja Strategic Advisory and Confederation of Indian Industry.

The Growth Net is a platform on and for the emerging markets, addressing common opportunities and challenges. This year’s edition brings together stakeholders from 39 countries.

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Jaitley also expressed optimism about India’s growth story and explained the steps taken by the government to reform the economy.

“Direct Tax reforms, legislative reforms in sectors like coal mining and insurance are some of the many. The government is also trying to modify a 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,” he said.

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Jaitley also said that the central government has enhanced its public spending and is able to maintain strength in the economy. International investors find India to be a good destination, and there is huge improvement in our FDI flow into the country, Jaitley claimed.

“All these factors taken together, with increased spending on infrastructure, the possibility seems likely that we will be able to maintain the 7+% growth rate that we have maintained in the last two years. The Indian economy has been able to show a considerable level of resilience.”

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He also went on to call upon the industry to share innovative ideas for a public-private partnership on reforms calling for greater participation.

On the delay in pushing major reforms in Parliament, Jaitley said, “The reform agendas have never been abandoned, even if delayed, legislations are always passed. I have faith in the parliamentary system. The government is determined to go ahead with them.”

He expressed the confidence that the government will be able to arrive at a reasonable conclusion with the Congress party on GST.

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Rakesh Raman