India can grow faster on global recovery: Jaitley

The Dollar Business Bureau

Calling the 42 percent increase in the indirect tax revenues during the month of April, ‘a good sign’, Arun Jaitley, Union Minister of Finance said that India can grow better and faster in the wake of world recovery from recession and good monsoon.

Finance Minister said that though the growth rates in major economies of the world were faltering between minus 2 percent and 2 percent and predictions were still being lowered, India is witnessing a growth rate of 7.5 to 7.6 percent in spite of obstructionist environment across the globe.

Jaitley said, “India is a fastest growing economy in the world. The entire world is watching us. If the growth returns to the world, then India can grow faster and better."

The Minister referred to the 42 percent jump in the collection of indirect tax during the first month of the current financial year and said that it is a good sign for the Indian economy. The GDP numbers are just estimates, whereas the revenue collections are actual numbers.

Several sectors such as infrastructure, power, steel and sugar have already started doing well after the initiatives taken by the government and it would give a further boost to the economy, he added.

India has emerged as the world’s fastest growing economy, surpassing China by witnessing a growth rate of 7.6 percent in 2015-16.