FM: Immediate Challenges Before the Government is to Increase the Growth Rate as it Will Boost Both the Economic Activities and the Revenue Collections FM Holds Pre Budget Consultation Meeting with Finance Ministers of States and Union Territories

The Union Finance Minister Shri Arun Jaitley said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the revenue collections. The Finance Minister said that as per different estimates, the growth rate is expected to be in the range of 6 to 6.5% during 2015-16 even though Indian economy has a potential to grow at much higher rate. The Finance Minister Shri Jaitley was making the Opening Remarks during his Pre-Budget Meeting with the Finance Ministers of all the States and Union Territories here today. The Finance Minister Shri Jaitley said the growth in service sector is quite good while growth in agriculture is reasonable. He referred to the patchy growth in the manufacturing sector and stated that this was one of the biggest challenge for the Centre. He urged the States to work with Centre for putting India back on the path of higher growth rate. The Finance Minister referred to the Prime Ministers formulation that in the federal structure, Centre and State together constitute Team India. The Finance Minister Shri Jaitley stated that the India grows when the States grow. He told the forum that active reform steps have been taken and some more steps would be taken in the coming months.The Finance Minister Shri Jaitley informed the State CMs/FMs that the Fourteenth Finance Commission (FFC) has submitted its report which is under the consideration of the Central Government.