Finance minister Arun Jaitley said on Tuesday that it will be difficult for India to achieve double-digit growth in the current environment of global uncertainty.
“Difficult to get double-digit growth in a challenging global environment and private investment still needs to pick up,” Jaitley said at the CNBC Leadership Awards in Delhi.
“Though the credibility of Indian economy is high and India is attracting a lot of investments, we can get 9-10 % growth only when the global environment is supportive,” he added.
He further said that the drivers of economy look better and consistent as inflation is likely to come down with the government fixing it in the range of 4%.
It is likely that inflation will ease, so rate cut hopes are not illogical, Jaitley said.
A good monsoon will also have a positive impact on the economy, he added.
On the Goods and Services Tax (GST) bill which was approved by Parliament in the monsoon session, Jaitley said that most of the states will ratify it by September 2.