Finance Minister Arun Jaitley on Sunday said India is on road to achieve 10 percent economic growth soon as he listed the government’s economic reforms, policy changes and investment in key sectors like infrastructure.
“The reform process ongoing with some more significant changes like GST in the pipeline, increased infrastructure spending this year, emphasis on smart cities when all these initiatives get down to the field then India’s aspiration to cross that eight percent hub and get on to eight to ten percent growth targets may be something which is not completely out of sight-something may eminently achievable,” he said.
Jaitley said growth in the indirect tax revenues by 14 percent in the first quarter of current fiscal year has given option to the government to spend more in infrastructure projects.
“When indirect revenue collection figures came out for the first quarter as a whole they did indicate that custom duty, excise duty, service tax and etc – even without additional revenues measures-were up 14 percent to the last year – if you take the additional revenue measures they were up 37 percent,” he added.
Jaitley promised massive investment in agriculture to mitigate rural distress and indebtedness of the farmers.
“We are fairly clear about the fact that large part of this additional investment will have to go into agriculture to mitigate this rural distress and indebtedness of the farmers,” he said.