Higher growth best antidote to poverty: Jaitley

Making a case for stepping up growth momentum, Finance Minister of India Arun Jaitley on Friday said the country is pushing for higher growth, which is the best antidote to poverty. Observing that the global economy is under stress, Jaitley said although India can take some satisfaction from its own high growth, it has potential to grow at a higher pace.

“We are not satisfied with that because we do believe that our capacity and endeavour is to reach a higher rate. Eventually, it is growth and higher growth that the Indian economy will need. Higher growth is the best antidote to poverty,” he said at the Delhi Economics Conclave here.

The government estimates growth to be between 8-8.5 per cent in the current fiscal. In the previous fiscal, the economy grew 7.3 per cent. Referring to subsidies, Jaitley said one has to think whether to continue it indefinitely with an unquantified amount going to an unidentified number of people or target it to specific categories of people needing them. 

He said the JAM (Jan Dhan-Aadhar-Mobile) initiative of the government would help target beneficiaries better.