New York: Finance minister Arun Jaitley on Monday said India will continue to grow at 7-8% rate, an ‘absolutely normal’ for the nation under the current global environment.
Jaitley said as far as the economy is concerned, all the decisions taken by the Modi-government are consistently in one direction.
“The aspirational class in India has become very large and, therefore, through the decision making of the government there is a popular support. Election results have indicated that. Most important decisions as a result of this pressure of public opinion are also finally resulting in decisions with larger political support,” said the minister who is on an official visit in US.
“My own impression of the Indian economy today is that under the current global environment, certainly the 7-8% range is the absolute normal that we have. All our economic parameters in terms of fiscal prudence, fiscal deficit, current account deficit, inflation control, I think the figures have been quite encouraging. They have never been so good as far as India is concerned,” he said while speaking at the Council on Foreign Relations.
India continues to be the world’s fastest growing large economy. The country is likely to register a growth of 7.4% in the current fiscal. Jaitley also said if global growth picks up, then “we are quite capable of improving on our present normal and then creating a new normal”. The finance minister added that at least for the next two decades India needs high growth to reduce poverty.