Our economy is recovering: Arun Jaitley

Washington: Indian economy is now clearly on a recovery path with a 7.4 per cent growth in the first three quarters and the new government is committed to maintain the overall macroeconomic conditions on a sustained basis, finance minister Arun Jaitley has said. “We are committed to maintain overall macroeconomic conditions on a sustained basis so that the Indian economy is able to achieve and sustain growth of 8 per cent and above,” Mr Jaitley said in his address to the International Monetary and Financial Committee. 

 

“The Indian economy is now clearly on a recovery path,” he said, adding India’s growth recovered to 7.4 per cent in the first three quarters (April-December) of 2014-15 as compared with 7.0 per cent during the same period of 2013-14. Advance estimates have also placed the GDP growth for the full year of 2014-15 at 7.4 per cent. 

 

Medium-term growth prospects have also improved following recent policy initiatives towards unlocking coal and other mining activity, liberalisation of FDI limits and a renewed thrust on public investment in infrastructure, which would help to improve the investment climate. Inflation has moderated significantly, he said, adding, CPI inflation, declined to 5.2 per cent in March 2015 from 11.2 per cent in November 2013.