Indian GDP to grow at 7.5% this fiscal: Arun Jaitley

24 Apr '17

1 min read

The GDP of India will grow at the rate of 7.5 per cent in 2017-18 as compared to 7.1 per cent in the previous year. India's growth remains resilient, with low inflation, fiscal prudence and low Current Account Deficit, said finance minister Arun Jaitley while speaking at the G-20 Finance Ministers' and Central Bank Governors' Meeting in Washington D.C.

"The emerging economies have become increasingly important, accounting for more than 75 percent of global growth. Among the emerging economies, India has been a major driver of global economic growth with an expected growth of 7.5 per cent for 2017-18 as against 7.1 percent in 2016-17," said Jaitley.

India has also undertaken robust structural reform measures and it is on course to introduce the Goods and Services Tax (GST) from July 2017. He said that GST will eliminate the multiplicity of taxes and make India a single common market and as per IMF projections, India’s medium term growth is poised to rise above 8 per cent.

The minister concluded that many more multi-faceted reforms are expected to ensure that India can withstand the volatility of the global economy as well as ensure an upward growth trajectory. (KD)

Fibre2Fashion News Desk – India

More Ministry of Finance News... More Textiles News - India...