India can grow faster on good monsoon, global upturn: Arun Jaitley

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Terming the 42% rise in indirect tax collection in April “a good sign”, Finance Minister Arun Jaitley said India can grow better and faster on the back of global recovery and good monsoon.

The Minister said that while the global economies were faltering between – 2 to 2% and projections were being lowered, India is recording a growth rate of 7.5 to 7.6% despite obstructionist global environment and “we can do still better.”

Replying to a debate on Finance Bill in the Rajya Sabha after Congress leader Jairam Ramesh expressed doubts at the GDP figures, Jaitley said the growth numbers are released by the Central Statistical Office (CSO) which “functions at an arm’s length of the North Block. It functions independently and in the same manner as in the UPA government.” The Finance
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Ministry comes to know of the GDP numbers once they are released to media, he added.

He said “India is a fast growing economy. The whole world is looking at us….If growth returns to the world, then we can grow better and faster.”

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Referring to 42% increase in the indirect tax collection during April, the first month of the current fiscal, Jaitley said “it’s a good sign… the GDP is estimate, while the revenue collections are real numbers.” He added that some sectors like steel, sugar, power and infrastructure have started doing well after the steps taken by the government and hoped that it would give a further boost to the economy.

India has emerged as the fastest growing major economy in the world overtaking China by recording a growth rate of 7.6% in 2015-16.