FM Arun Jaitley today said gross domestic product (GDP) in the current fiscal will be better than the 7.3 per cent growth rate recorded in the last financial year and improve further in subsequent years. He was responding to queries regarding the GDP growth rate which came in at 7.4 per cent for July-September, higher than 7 per cent in the April-June quarter at the contract-signing event of the Indian Railways. Here are top 10 points Arun Jaitley reason why that is:
1. Arun Jaitley said, “Manufacturing sector recorded a significant growth of 9.3 per cent in the September quarter despite an adverse global situation.”
2. Arun Jaitley said, “The country can grow much faster if the government is able to stick to the reforms process.”
3. Arun Jaitley hoped that private sector investments would pick up faster in coming quarters.
4. Arun Jaitley said, “We expect growth this year to be better than last year and even better the next year.”
5. Arun Jaitley said, “When manufacturing starts turning despite globally adverse circumstances, I think that’s a very significant figure from our point of view”.
6. Arun Jaitley said, “The country has been facing a large number of domestic and global challenges, and slowly private investments have started to pick up.”
7. Arun Jaitley said, “A slowdown of the global economy at least visibly impacts our exports, so that is one challenge we have. There is also private sector investment which has now started picking up… And I do hope in months to come that it picks up faster”.
8. Arun Jaitley said, “Foreign direct investment (FDI), particularly in greenfield projects, has grown and public investments too have gained traction.”
9. Arun Jaitley said, “Indian economy has been able to clock reasonable levels of growth despite the ‘great adversity’ of two successive years of below-par monsoon.” He added the second quarter numbers have been satisfactory ‘despite the fact that the global situation is adverse and the rain gods have not been very kind to us for two consecutive years, which is normally a rare thing to happen’.
10. Arun Jaitley said, “Growth in indirect tax collection numbers has started getting reflected in the manufacturing sector growth. I think revenue collections have been good and the fact that we have been repeatedly saying is the indirect revenue collections are moving up. This has started reflecting now in manufacturing as this is the real data.”
