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India has potential to grow at 9-10%: Arun Jaitly

While attending annual meeting of the Asian Development Bank in Baku, Indian Finance Minister Arun Jaitly termed Modi led Government at center as “Reformist” and highlighted future road map.

arun_jaitly“Never in the Indian history, we have had the Government which in the first one year has undertaken such a large number of reforms,” pointing out at quick and swift administrative actions popularly termed as “Reforms”, taken by NDA government.

Union Finance Minister said that, “Government has initiated a large number of reforms in its first year of governance to encourage investments. He also reiterated that the country has the potential to grow at 9-10 per cent”.

According to him a lot of investment is required in the infrastructure sector so that it has a beneficial impact on manufacturing.

Mr. Jaitly said “I do believe that India has a 9 or 10 per cent growth potential. To achieve that we have to invest a lot in rural infrastructure and irrigation that’s one area we can move up.”.

“It’s only then we can achieve a 9 to 10 per cent growth rate and once we are able to do it for a decade or so, we can lower poverty rate. It’s only then I will feel excited about it,” FM said in an interview to one of the leading business channel in Baku, capital city of Azerbaijan.

The NDA government will on May 26 complete one year in power following last year’s general elections.

The Government has opened up almost every sector for investment, he said, adding that whether it is domestic or international “there is an additionality of investment”.

“We are trying as far as possible to ease our processes and when I say ease our processes, environment clearances are much faster, infrastructure projects are now pushed, people don’t get harassed, there is no single whisper of corruption,” he added.

On Goods and Services Tax (GST), Jaitley said, there is broad consensus on the issue. GST is the biggest reform country will undertake in reforming Indirect Tax system after independence.

“I have convened several meetings of state finance ministers. I have spoken to most political parties and broadly there is a large consensus,” he said.

“At the end of the day, it benefits the states. It’s going to benefit India’s GDP. It’s going to facilitate a seamless transfer of goods and services across the country. It will increase quantum of tax collection, it will reduce harassment,” he said.