Indo-Asian News Service, Washington, April 19: The Indian economy is on a recovery path with 7.4 per cent growth in the first three quarters of the last fiscal with the new NDA government committed to maintaining overall macro-economic conditions, finance minister Arun Jaitley said here.
“The Indian economy is now clearly on a recovery path. We are committed to maintaining overall macroeconomic conditions on a sustained basis so that the Indian economy is able to achieve and sustain growth of 8 per cent and above,” Jaitley said in his address Saturday to the International Monetary and Financial Committee.
He said India’s growth recovered to 7.4 per cent in the first three quarters of 2014-15 as compared with 7 per cent during the same period of 2013-14.
Advance estimates have placed the country’s gross domestic product growth for the full fiscal 2014-15 at 7.4 per cent.
Inflation in the country has also moderated significantly, he added.
Jaitley said the consumer price index (CPI), or retail inflation declined to 5.2 per cent in March 2015 from 11.2 per cent in November 2013.
In terms of the flexible inflation targeting framework adopted recently, the Reserve Bank of India will seek to bring the inflation rate to 4 per cent by the end of a two-year period starting fiscal 2016-17, Jaitley told the IMF.
