India's GDP to Expand at 7.5% in 2017-18, Says Finance Minister Arun Jaitley
Indian economy will grow at a clip of 7.5 percent this fiscal, up from 7.1 percent in 2016, and remains resilient with low inflation, fiscal prudence and low deficit, Finance Minister Arun Jaitley has said.
File Photo of Union Finance Minister Arun Jaitley.(PHOTO: GETTY IMAGES)
Washington: Indian economy will grow at a clip of 7.5 percent this fiscal, up from 7.1 percent in 2016, and remains resilient with low inflation, fiscal prudence and low deficit, Finance Minister Arun Jaitley has said.
Participating in G-20 finance ministers' and central bank governors' meeting, he said emerging economies have become increasingly important in driving global growth, accounting for more than 75 per cent of global expansion.
India's growth, he said, remains resilient with low inflation, fiscal prudence and low current account deficit (CAD), talking about robust structural reform measures. Addressing the meeting on Friday, Jaitley said India is on course to introduce the goods and services tax (GST) from July this year.
GST, he said, will eliminate the multiplicity of taxes and make India a single common market.
"These and many more multi-faceted reforms are expected to ensure India can withstand volatility of the global economy as well as ensure an upward growth trajectory," he asserted. Jaitley is on an official tour to the US to attend the spring meetings of the International Monetary Fund (IMF) and the World Bank and other associated interactions.
He is accompanied by RBI Governor Urjit Patel, Economic Affairs Secretary Shaktikanta Das and Chief Economic Adviser Arvind Subramanian.
Also, they need to make institutions like the World Bank strong to be able to fund policies and programmes for growth and development of poorer nations.
India, according to Jaitley, has significantly stepped up investment in electricity, roads, financial access and housing for the poor and the government has taken a number of steps to ensure inclusive growth.
It is using technological innovations in a big way for better targeting of government services, he said.
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