Finance Minister Arun Jaitley has said that India’s economic growth rate will be more than 7.5 percent in the fiscal year 2015-16. He stated that while India’s macroeconomic indicators are positive, inflation has come down, Indirect tax revenues are showing a positive trend, and CAD is under control, all these positive indicators point to India's economic revival and the government is following the fiscal consolidation road map and will stick to fiscal deficit target.
Besides, Jaitley said that there is scope of increasing GDP by 2 percent by taking cumulative measures including rationalisation of taxes etc, adding that subsidy rationalisation, implementation of DBT, bank recapitalisation, investment in infrastructure and irrigation sector are priority areas of the government. He further said that even when globally the economic situation is not that good, India's industrial and manufacturing output are showing improvement.
While talking about the agricultural sector, Jaitley has said that the agriculture sector needs to be more productive in order to raise its contribution in overall GDP. He further added that though 55 percent of India’s populations are engaged in agriculture sector, it contributes only 15 percent to GDP.