Indian Finance Minister Arun Jaitley has said India will clock a growth rate of 7 to 8 per cent despite global uncertainties and will retain the tag of the world’s fastest growing major economy. He said the economy is now fairly large to display a certain degree of resilience.
Speaking at the inauguration of the FICCI Annual General Meeting in New Delhi yesterday, Jatley, said the government will stick to the 3.3% fiscal deficit target in the current financial year. He said there is a need to focus on several unreformed sectors in the economy. He also cited the need to improve credit flow and tackle liquidity.
The Minister said the government intends to overtake the UK in terms of GDP and come close to Japan in terms of GDP not per capita income in course of the next few years.
Investor confidence in Indian assets had only recently bounced back, helped by a slide in oil prices and a dovish tone from the Federal Reserve. November saw the best rupee gains in nearly seven years, while local stocks saw their best month since July.
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