Finance Minister Arun Jaitley, showing confidence on the reform measures of the new government has said that this year the GDP growth rate will be 7.5 percent and next year hopefully it would be higher. He said that during the last few years we had fallen off the radar, our growth had slowed down, our priorities were blurred and the world was accusing us of policy paralysis. Finally people of India decided to bring about a change.
Jaitley also highlighted that fiscal deficits are on the downside. There is a flurry of activities, we are correcting aberrations in taxation structure, we are concentrating on infrastructure and trying to bring about fairness in our system. However, he noted that elimination of poverty is a major challenge and government is working hard to tackle this great challenge. He pointed that while most of BRIC nations are facing challenge, India is emerging as one of the fastest growth nations.
The FM stressed that the new government's priority was to improve the credibility of the Indian economy and the government is fairly determined and is introducing changes to ease the process of doing business and attract investments in India while trying to rationalise and lower taxes. He further stated that we are concentrating on infrastructure and trying to bring about fairness in our system. Pointing to the success of the auction of Spectrum and Coal mines, he said that it shows how corruption could be avoided and can bring higher values.