India can clock higher growth with stable govt: Jaitley

Tags: News
With a stable and decisive government in place, it would be possible for India to exceed the growth rates of 8-9 per cent clocked during the previous UPA regime, Finance Minister Arun Jaitley said today.

"Even at the modest level of governance, we have grown at 8-9 per cent. With much better level of governance, I think we have capacity to break the deadline you are setting for," he said.

Jaitley was speaking at a function here to release a book -- 'Exploding Aspirations-Unlocking India's Future' -- by Rajiv Kumar.

The Minister said that in the new political environment, which is marked by a stable government at the centre, it would be possible to achieve higher levels of growth.

"With new environment in the country, where history has once again provided us kind of opportunity which it had provided 23 years ago, we can unleash these energy and perhaps go on higher level of growth rate," Jaitley said.

Indian economy had been growing at over nine per cent before the global financial meltdown of 2008. Growth rate slipped to below 5 per cent in 2012-13 and 2013-14. In the current fiscal it is estimated to go up to 5.7 per cent.

Admitting that there are the Indian economic decision making has many challenges withing the government, he said, "the support system within the government is strong. The parliamentary process ...Is largely supportive. And some who oppose are really not able to sustain the argument."

Referring to his Kolkata visit, Jaitley said, "the ruling (TMC) party was very critical of increasing the FDI in Defence. When we tried to reason out, they said our party in principle is against...They also realise they require resources as an additionality for more and more economic activities."

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E-mail ID will not be published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

  • Faith is the opium of the masses, so Indians get addicted

    India is a nation of 1.27 billion. Let that number sink in, with all its zeroes. That’s a lot of people.

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

M S Swaminathan

Public good research in agriculture

Public good research in agriculture is designed to promote risk ...

Zehra Naqvi

To hell and back

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

Bubbles Sabharwal

When your real & reel life heroes are the same

ALL the world’s a stage and we all are merely ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture