India’s GDP to expand at 7.5% in 2017-18: Arun Jaitley

Indian economy will grow at a clip of 7.5% this fiscal, up from 7.1% in the previous year, and remains resilient with low inflation, fiscal prudence and low deficit, Finance Minister Arun Jaitley has said.

Participating in G-20 finance ministers’ and central bank governors’ meeting, he said emerging economies have become increasingly important in driving global growth, accounting for more than 75% of global expansion.

Among emerging economies, “India has been a major driver of global economic growth with an expected growth of 7.5% for 2017-18 against 7.1% in 2016-17”, an official statement quoted him as saying.

India’s growth, he said, remains resilient with low inflation, fiscal prudence and low current account deficit (CAD), talking about robust structural reform measures.

Addressing the meeting on Saturday, Jaitley said India is on course to introduce the goods and services tax (GST) from July this year.
GST, he said, will eliminate the multiplicity of taxes and make India a single common market.

As per IMF projections, India’s medium-term growth is poised to go above 8%, Jaitley said.

About demonetization, the finance minister said the move will push the Indian economy to a less-cash trajectory, increase tax compliance and reduce threats from counterfeit currency, which acts as a source of terror …read more