Press Trust of India
Washington, April 14: India may grow faster than 7.5 per cent GDP growth rate it recorded last year if predictions of above-average monsoon rainfall come true, Finance minister Arun Jaitley has said. Indian economy, he said, registered 7.5 per cent growth in 2015-16 notwithstanding contraction of global exports and two consecutive years of monsoon deficit. If the predictions of good monsoon were to come true, “we are capable of… improving upon our growth rate”, he said speaking on the theme of ‘Steering India towards Growth’ at an event organised by Carnegie Endowment for International Peace here.
He said the current growth rate of 7.5 per cent was not enough as per its own requirement standard and the country has the “potential” to do “better”. Expressing concern over the decline in India’s exports, Jaitley said the country’s growth parameters are on track and the government is moving ahead on its reform agenda with inclusiveness and successfully meeting all its fiscal parameters.
Noting that the global situation has impacted exports, both in value and volume terms, Jaitley felt that things could improve if some of the variables change. India has surprised China by emerging as the fastest growing emerging economy of the world. Jaitley arrived in the US capital Wednesday to attend the annual spring meeting of the International Monetary Fund (IMF) and the World Bank.