Fin Min says India has been the fastest growing major economy for the past three years and the attempt is to maintain high growth rate in coming years
Finance Minister Arun Jaitley yesterday said the Indian economy is on a strong wicket with sound macro-economic fundamentals. At a press briefing to detail state of the economy, he said India has been the fastest growing major economy for the past three years and the attempt is to maintain high growth rate in coming years.
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Finance Minister Arun Jaitley. Pic/PTI
"We will report on the situations as they develop. A lot of internal meetings on the state of economy internally within the ministry were held. Discussions were also held with the prime minister. But India has remained one of the fastest growing economies in the world," said Jaitley. In a presentation made at the briefing, Economic Affairs Secretary S C Garg said inflation has consistently come down since 2014 and will not cross 4 per cent this fiscal. He said that current account deficit will be less than 2 per cent this year and foreign exchange reserves have crossed $400 billion.
Stating that the GDP growth slowdown has bottomed out and the economy is turning around, he said the International Monetary Fund had recently projected that the country would achieve an 8 per cent growth rate soon. Garg further said that the government is confident of surpassing the disinvestment target of Rs 72,500 cr for this fiscal.
Rs 72,500 cr The disinvestments target this fiscal
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