With a stable and decisive government at the Centre, India would be able to exceed the 8-9% growth rate clocked a few years ago, finance minister Arun Jaitley said on Monday.
“Even at the modest level of governance, we have grown at 8-9%... With much better level of governance, I think we have capacity to break the deadline you are setting for,” he said, while speaking at a function to release a book — Exploding Aspirations-Unlocking India’s Future writted by noted economist Rajiv Kumar.
The new political environment, Jaitley added, would help in achieving higher levels of growth. “With the new environment in the country, where history has once again provided us the kind of opportunity, which it had provided 23-years ago, we can unleash this energy and perhaps go on higher level of growth rate,” he said.
While the Indian economy grew at over 9% before the global financial crisis in 2008, in 2012-13 the growth rate slipped to below 5%.
Jaitley added that the support system within the government was strong. “The parliamentary process ...is largely supportive. ...and some who oppose are really not able to sustain the argument.”