Economy turning around, inflation moderating: FM on 100 days

Tags: News
With GDP numbers showing an uptick, Finance Minister Arun Jaitley today said the economy is turning around, investor confidence is improving and inflation is moderating as a result of the recent government decisions to relax FDI norms and push manufacturing.

The manufacturing curve has turned, services sector is looking up and inflation has by and large moderated, he said, while addressing his first press conference to mark 100 days of the NDA government in office.

"In the first quarter (April-June), a 5.7 per cent growth rate is encouraging. With the long-term impact of all the new initiatives setting in, I am sure the impact in the coming quarters will be much larger," he said.

The GDP growth at 5.7 per cent in the first quarter of the current fiscal is highest in nearly two-and-half years.

Listing decisions taken in first three months in office, Jaitley said FDI restrictions in defence and railways have been eased, decision making hastened, special mechanism created to resolve tax dispute and steps taken to increase investment in manufacturing and infrastructure.

"The new government was clear about the direction in which it was to move. We wanted to expand economic activity, hasten decision making, easing doing business in country, open up significant sectors, expedite decision making, while maintaining the social sector expenditures in most areas," he added.

On future agenda, the Minister said the government would soon roll out disinvestment plan, push Goods and Services Tax (GST) and try to get the insurance bill through in the ensuing Winter Session of Parliament.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Lawmakers must not dilute penalties for insurers on mis-selling

    The much delayed insurance laws (amendment) bill is back in the news and the positive statements of finance minister Arun Jaitley suggest that the gov

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

New model for effective education

After interacting with students and teaching community on a ...

Zehra Naqvi

To hell and back

Here is a book that makes you wish there were ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture