Double-digit growth dificult in current global environment: Jaitley

The finance minister said if pending reforms were addressed, it would have the necessary economic impact.

Finance Minister Arun Jaitley on Thursday conceded that double-digit growth in the current global environment would prove difficult for India, but said if pending reforms were addressed, it would have the necessary economic impact.

“In the current global environment, realistically speaking, it is extremely difficult to achieve double digit growth,” Jaitley told the opening session of India Today Conclave in New Delhi. But he said it was important to aim higher and continue with reforms to get the desired results.

The finance minister said agriculture has the maximum potential to grow in India. He didn’t just mean pure farm incomes, but included in it what comes out of the rural economy like milk production.

“Some of the states have seen huge amount of growth in agriculture.”

As regards reforms, he specifically listed the proposed pan-India goods and services tax (GST) regime right upfront and said but for one party all the rest were supporting it, alluding to the Congress party.

“Some of the UPA (United Progressive Alliance) partners told me they will support GST,” he said, adding: “I would still like the Congress to come on board.”