Arun Jaitley also said that not addressing the liquidity crisis at the moment will create a challenge for the economy.
Finance Minister Arun Jaitley on Friday said that there is a need to push India’s Gross Domestic Product (GDP) growth above 7-8%, which would be a difficult task unless something spectacular happens. There are several unreformed sections of the economy that need attention, Arun Jaitley said at the FICCI AGM event.
The finance minister’s comments are in agreement with former Reserve Bank of India (RBI) governor Raghuram Rajan, who also, time and again, said that India needed higher growth than 7% to meet the needs of the increasing workforce.
Arun Jaitley also said that the view of the world is that 7-8% is a spectacular growth rate but it is still modest. He also said that not addressing the liquidity crisis at the moment will create a challenge for the economy.
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