India expected to achieve the higher growth rate of 8% and above in coming years-Finance Minister

Stating that India continues to be one of the fastest growing economies in the world, the Finance Minister said that India is yet to realise its full potential of growth. He said that even during the global economic turmoil in the past, India has always showed resilience. Mentioning the significant improvement in the macroeconomic stability, as reflected in low levels of inflation, contained fiscal deficit (FD) and Current Account Deficit (CAD), he said that this has been in spite of uncertain global economic situation.

The Union Finance Minister Shri Arun Jaitley visited the Sydney Campus of S P Jain School of Global Management and delivered a Lecture on 'Reimagining India'.

The Finance Minister Shri Jaitley further said that in the last 22 months, the present Government has undertaken various initiatives and reforms. He said that the Government has opened India's economy for investment in different sectors. The Government is working towards ease of doing business, making process transparent and speeding-up the stalled projects. On tax front, the Government is working towards rationalisation of both direct and Indirect tax regime. The Government has undertaken measures to boost the growth by increasing public investment, expanding financial inclusion, streamlining governance and improving business environment through reforms in policies and regulation.

Highlighting the impressive strides taken by Indian economy backed by reforms in key areas, especially the focus on following the path of fiscal prudence and price stability, the Finance Minister mentioned that all these factors have stimulated and stabilised the economy and prepared ground for growth rates of 8 % or higher in the next couple of years.

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