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India needs 'boom period' to achieve 10% growth: Jaitley

30 Novembre, 2017, 12:42 | Auteur: Adelaide Bullion
  • GDP expands by 6.3 per cent in September quarter

According to the finance minister, India managed 7% to 8% growth at a time the world was moving slowly. However, scaling up to a 10 per cent rate was "very challenging" and it would not depend on domestic factors alone, but also on how the world was moving, he said.

"India will need to upgrade its infrastructure for the next two decades, with lot of investment and spending". If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth.

He also underlined the need for more investment in the infrastructure sector, which he estimated at Rs 50 lakh crore over the next five years.

Talking about the recently rolled-out Goods and Services Tax (GST) rates, Jaitley said if GST rates were initially fixed at lower levels, it would have had an inflationary impact on the economy.

"While products in the 28 percent tax can be trimmed down further, restricting it to only luxury products, Jaitley said, adding that there is a scope for merging 12 and 18 percent tax slab in the future". India has spent Rs 60 lakh crore in infrastructure during 2007-17.

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"How fast that can be done will depend on the revenue collection", he said.

He said that mega investments needed for modernisation of railways, the Finance minister also said 90 per cent of worldwide trade is coming through sea route, hence sea port development is another key area for infrastructure growth.

India reported a fiscal deficit of 5.25 trillion rupees ($81.36 billion) for April-October, or 96.1 percent of the budgeted target for the current fiscal year that ends in March 2018. Mr Jaitley said, policy decisions taken by government have integrated the Indian economy globally.

"The last three years we have an exemplary record as far as maintaining that glide path is concerned. We intend to move on that track", Jaitley said.

But India will eventually have to fall back on domestic demand, he added.

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