Finance Minister on Economy

India Primed For 9% growth:Finance Minister

India News

Finance Minister on Economy www.purnartha.comIndia is the fastest growing major economy in the world, but its finance minister thinks the country could do even better. He forecast that India’s economy could grow by as much as 9% a year, given the right conditions. Official figures show that GDP grew by 7.4% in the quarter ended September 30. India, which is now outpacing China, was held back in 2015 by damaging monsoons and a slowdown in some sectors, including the steel industry. But, on the flip side, the country has benefited from a sharp drop in global oil prices, which has helped the government reduce costly fuel subsidies. Jaitley said these savings would allow the government to direct further spending towards infrastructure and road networks across the country. Even Nouriel Roubini — the famed economist dubbed Dr. Doom for predicting the U.S. housing crisis in 2006 — called the Indian economy “robust,” and said it was in an economic “sweet spot.”