The economy is expected to grow “much better” in 2015/16 as compared with the current financial year, Finance Minister Arun Jaitley said on Monday. The Indian economy grew by 5.3 percent in the September quarter from a year earlier, and is expected to grow 5.5 percent in the current financial year that ends on March 31.
India has had two successive years of below 5 percent economic growth and is still recovering from its worst slowdown since the 1980s. Manufacturing is where the jobs are,” Jaitley said at a public event, adding the sector had the potential to grow at 13-14 percent.
Referring to RBI Governor Raghuram Rajan’s remark that the Make in India campaign should be targeted more towards domestic demand and not so much the export market, Jaitley said: “Whether Make in India is made for consumers within India or consumers outside, is not so relevant. The principle today is that consumers across the world like to buy products that are cheaper and of good quality.
Some state FMs even requested that the FRBM limit (Fiscal Responsibility and Budget Management) be raised this year in order to infuse liquidity in the market,” Jaitley told reporter.
Most states also wanted centralization of the CSS (centrally sponsored schemes) so that they could be more attuned to the state requirements. Several states made suggestions with regards to state specific issues. We will consider all these suggestions while formulating our policies in relation to the Budget.
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