Indian economy is set for higher growth trajectory says Jaitley

Vastavam web: Union Finance Minister Arun Jaitley has said the Indian economy is set for a higher growth trajectory on the back of a slew of structural reforms.He said the NDA government would now focus on large- scale investment in the infrastructure sector and rural areas.Reversing the five quarters of slowing GDP growth, Indian economy expanded by 6.3 per cent in July-September on the back of a pick-up in manufacturing.

The gross domestic product growth had hit a three-year low of 5.7 per cent in the first quarter of 2017-18. It was 7.5 per cent in the September quarter of 2016-17.Jaitley was speaking last night at an event organised to mark the golden jubilee celebration of the local branch of the Western India Regional Council of the Chartered Accountants Association of India (ICAI). Representatives from trade and industry bodies attended the meet.”The fundamental question is: Does India continue to indefinitely be a cash-dominated economy? To say it’s a very risky proposition, it will have adverse consequences for a quarter or two, so let’s not attempt it? Can India say, you will have de-stocking, so let’s not attempt GST?,” he asked.

Jaitley said while the Congress dithered, the BJP took bold decisions.”The BJP simply did what the Congress couldn’t while they were in power. Attacking black money was never a priority for the Congress. So their concern (about demonetisation) is natural. And GST was a Congress move. But since (the Congress) party is an opportunist, it is opposing it,” he said.He said key measures like scrapping high-value currency notes and rolling out GST, a landmark indirect tax reform, won global appreciation.”There is a global appreciation of the fact that India has the capacity and courage to carry out structural reforms like demonetisation and GST,” Jaitley said.