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India able to do much better than 7.5% growth rate: Jaitley

India able to do much better than 7.5% growth rate: Jaitley
India’s 7.5 <g data-gr-id="63" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">per cent</g> economic growth rate is not its “best potential growth rate” and there is “restlessness” in the Narendra <g data-gr-id="47" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">Modi-led</g> government to boost economic growth and set higher GDP targets in the coming years, Finance Minister Arun Jaitley has said.

Jaitley, who began his 10-day visit to the US on Wednesday, said that he is “extremely pleased” with what the government has achieved in the last one year but feel that India has the ability to do much better.

“The credibility of the Indian economy has been virtually re-established but then as I have been repeatedly saying while there is excitement, there is also a lot of restlessness as far as we in the government are concerned because we feel that the 7.5 per cent growth rate we have achieved is not our best potential growth rate,” Jaitley told to a news channel.

“We think we have an ability to do much better,” he said. He stressed that a series of reforms aided by a lot of investment particularly in infrastructure, improvement in manufacturing, agriculture will help push up India’s economic growth. Predicting an 8 <g data-gr-id="55" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">per cent</g> growth this year, he said the government will set higher GDP growth targets in the future. “I think our growth rate certainly <g data-gr-id="53" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAKklEQVRYhe3OQQEAIAgEsMM6xrMb9SQGny3B6vb7AQAAAFad7QAAAACQDAGHAlfrnYEmAAAAAElFTkSuQmCC), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWNY/ejYfyYGBgYGABiLA1VQQvxSAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">end</g> of this year should be around 8 <g data-gr-id="56" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">per cent</g>. (In) Future years I am keeping my fingers crossed, our targets are going to be higher,” he said. 

On whether India is now a better investment than China, Jaitley said he does not compare the two because “we have grown in recent <g data-gr-id="52" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAKklEQVRYhe3OQQEAIAgEsMM6xrMb9SQGny3B6vb7AQAAAFad7QAAAACQDAGHAlfrnYEmAAAAAElFTkSuQmCC), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWNY/ejYfyYGBgYGABiLA1VQQvxSAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">years</g> but China had a consistently 9 <g data-gr-id="57" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">per cent</g> plus growth rate for more than three decades. “We have a lot of distance to cover before we can really equate ourselves with that but that is a good example to follow and therefore I’d rather India grow for a decade or two by that 8-9 <g data-gr-id="58" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">per cent</g> growth rate and it is only then that our entire potential will be realised.” 

When asked about the concerns over “renewed tax terrorism” in India, Jaitley said this is a term coined by him and “it is my responsibility to make sure that it does not happen in India again.” He said as far as <g data-gr-id="36" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAKklEQVRYhe3OQQEAIAgEsMM6xrMb9SQGny3B6vb7AQAAAFad7QAAAACQDAGHAlfrnYEmAAAAAElFTkSuQmCC), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWNY/ejYfyYGBgYGABiLA1VQQvxSAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">direct</g> tax is concerned, the government is following a roadmap of one of the “most progressive” direct taxation regimes in India.

“The age of that kind of aggressive adversarial tax regime is over. We will probably have one of the more <g data-gr-id="42" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">tax friendly</g> regimes in India,” he said as he pointed out that he had announced in the budget that over the next four years direct corporate taxes will be brought down to 25 <g data-gr-id="43" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">per cent</g>, a rate which is “globally <g data-gr-id="30" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAK0lEQVRYhe3OMQEAIAwDsA6DHPh/ZoTJ2JMoSPW7PwAAAMCqsx0AAAAAkgHerQKHq3BtYQAAAABJRU5ErkJggg==), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWP4vGvnfyYGBgYGABl4A2hm/SKhAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">very very</g> competitive”. 

Assures global investors on expediting reform process
Finance Minister Arun Jaitley has assured the global investors that efforts are being made to allay their concerns on <g data-gr-id="115" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAKklEQVRYhe3OQQEAIAgEsMM6xrMb9SQGny3B6vb7AQAAAFad7QAAAACQDAGHAlfrnYEmAAAAAElFTkSuQmCC), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWNY/ejYfyYGBgYGABiLA1VQQvxSAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">expediting</g> reform process, tax regime and policy stability by the Narendra Modi government. Jaitley, who began his 10-day trip to the US on Wednesday, met investors here and said while there is “a lot of excitement and a lot of <g data-gr-id="114" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAKklEQVRYhe3OQQEAIAgEsMM6xrMb9SQGny3B6vb7AQAAAFad7QAAAACQDAGHAlfrnYEmAAAAAElFTkSuQmCC), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWNY/ejYfyYGBgYGABiLA1VQQvxSAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">buzz</g>” about India, there are concerns about the pace of reform process and policy stability also. “I clearly see two kinds of reactions. The predominant reaction is that there is a lot of excitement and a lot of buzz about India. There is a lot of sense of satisfaction with regard to how the reform process has phased out in the last one year. Investors are certainly looking forward at India in order to make <g data-gr-id="111" style="display: inline; color: inherit !important; font-size: inherit !important; -webkit-background-size: 0px 2px, 100% 2px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: transparent; background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA+gAAAACCAYAAADLlPadAAAABmJLR0QA/wD/AP+gvaeTAAAAKklEQVRYhe3OQQEAIAgEsMM6xrMb9SQGny3B6vb7AQAAAFad7QAAAACQDAGHAlfrnYEmAAAAAElFTkSuQmCC), url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAACCAYAAACZgbYnAAAABmJLR0QA/wD/AP+gvaeTAAAAEklEQVQImWNY/ejYfyYGBgYGABiLA1VQQvxSAAAAAElFTkSuQmCC); background-size: 0px 2px, 100% 2px; background-position: 200% 100%, 0px 100%; background-repeat: no-repeat, no-repeat;">large</g> amount of investments in India,” Jaitley said after visiting the New York Stock Exchange here. The Finance Minister added that at the same time there are concerns about India in the minds of investors. “Concerns that the process of reforms must expedite which we are trying to do. Concern at the stability of policy which has been assured because the government’s movement is in one direction,” he said. 

Jaitley, who will be meeting top CEOs, investors and address think-tanks during his visit, said he is in the US “really to be in dialogue with a larger body of investors because the more the investment in India, the more it helps us in our growth process”. “Our growth helps us in removing poverty in India and I think it is a very positive reaction as far as the investors are concerned,” he said. 
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