19 Jun 2015
Economic reforms to push growth rate above 7-7.5% - India FinMin Jaitley
FXStreet (Mumbai) - Finance Minister Arun Jaitley said on Thursday that economic reforms in the legislative pipeline can push India's growth rate above the 7 to 7.5 percent range, Reuters reported.
India's economy, Asia's third largest, is expected to grow 7.5 percent this year, according to the latest World Bank forecast, which would make it the world's fastest growing economy. The government forecasts growth of 8.1-8.5 percent while the central bank has a 7.6 percent gross domestic product growth target.
Jaitley said during a discussion with Timothy Geithner, president of investment firm Warburg Pincus and a former US Treasury Secretary, "Neither the government, nor the people, nor the industry whose representatives, some of whom are here, nobody is very excited about a 7-7.5 percent growth rate in India,"
Jaitley added, "Because a series of reform fixes which are in the pipeline and are to be implemented, we have now identified all the problem areas, and I think one by one as we go resolving most of them, hopefully we should reach what our destination targets are."
India's economy, Asia's third largest, is expected to grow 7.5 percent this year, according to the latest World Bank forecast, which would make it the world's fastest growing economy. The government forecasts growth of 8.1-8.5 percent while the central bank has a 7.6 percent gross domestic product growth target.
Jaitley said during a discussion with Timothy Geithner, president of investment firm Warburg Pincus and a former US Treasury Secretary, "Neither the government, nor the people, nor the industry whose representatives, some of whom are here, nobody is very excited about a 7-7.5 percent growth rate in India,"
Jaitley added, "Because a series of reform fixes which are in the pipeline and are to be implemented, we have now identified all the problem areas, and I think one by one as we go resolving most of them, hopefully we should reach what our destination targets are."