Home / Knowledge / News / Textiles / India has potential to grow faster: Jaitley
India has potential to grow faster: Jaitley
08
Feb '16
Union Finance Minister Arun Jaitley has said that India continues to be one of the fastest growing economies in the world, but there is still potential to grow at a much faster pace, according to an official press release.

Ahead of the Budget, Jaitley's comments came during the opening remarks at the first meeting of the Consultative Committee attached to the Finance Ministry.

He said that the world economy is passing through an uncertain and fragile situation.

“All the major economic organisations including IMF have predicted low growth for the world economy in the coming year. These developments have implications on India's economy as our exports are also affected,” he said.

However, he added, that silver lining is low international commodities and oil prices which in turn has helped in better macroeconomic situation of the country.

The Finance Minister said that the agriculture growth in the last two years has suffered mainly due to insufficient monsoons. The highest ever amount was given to the States for drought relief during the current financial year 2015-16 and more incentives will be given to agriculture sector for increasing agriculture production and productivity, he said.

Jaitley also said that loans worth over Rs. 90 crores have been already disbursed in the current financial year so far to more than two crore micro, small and medium enterprises under MUDRA Scheme.

“We will be able to contain the fiscal deficit as per the target fixed for the current financial year 2015-16,” he said.

The Finance Minister said that this was also the first time that the real expenditure amount was higher than the Budget proposal. “This year we have spent more but still, we will very well manage our deficit targets,” he said.

He said that during the financial year 2016-17, the Central Government has to make provision for about Rs.1.10 lakh crore in order to meet the liabilities on account of implementation of Seventh Pay Commission recommendations and One Rank One Pension (OROP) Scheme.

Among the suggestions given by the Members of Consultative Committee was that the forthcoming budget may give relief to industries to set-up sewage and affluent treatment plants in order to keep the environment clean. This is of particular importance to the textile industry that has been flagged as a major polluter of the environment. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 30th Mar 2017

Lok Sabha approves 4 supplementary GST legislations

The Lok Sabha has approved four supplementary Goods and Services Tax...

Courtesy: Shopper Stop

Apparel/Garments | On 30th Mar 2017

Contactless payments at Shoppers Stop

India's leading fashion retailer Shoppers Stop has entered into a...

Textiles | On 30th Mar 2017

Cotton target price kept unchanged in Xinjiang

China’s National Development and Reform Commission (NDRC) has kept...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search