India has potential to achieve 7-8% growth: Jaitley

TIL Desk/Business/New Delhi/ India’s economy has the potential to achieve a growth rate of more than 7-8 per cent in view of policy changes, accompanied by a supportive global environment, Finance Minister Arun Jaitley said on Tuesday. Addressing the India-Korea Business Summit in New Delhi, he observed that over the next 10-20 years India will continue to remain one of the fastest growing economies in the world.

“India has demonstrated in the last few years that it has, even in a global environment of adversity, a potential to self correct itself, to continue to take difficult decisions if necessary and maintain a high growth trajectory,” Jaitley said.

He said the country has been able to blend its economic decisions along with political acceptability to the extent that “there is now a huge support, almost bordering on impatience, where people want India to reform and grow much faster”.

According to Jaitley, most people in India believe that a 7-8 per cent growth rate is an absolute normal for the country but the real potential of India is to beat that. “Therefore with policy changes accompanied by a supportive global environment, India perhaps has the potential to achieve a little more than that,” the minister said.