| Date: |
01-11-2014 |
| Subject: |
India will attract ample capital this fiscal: Finance Minister Arun Jaitley |
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NEW DELHI: Finance Minister Arun Jaitley on Friday said India will attract enough capital flows this fiscal to finance the current account deficit, which is likely to moderate due to lower oil prices.
Addressing the first meeting of the Consultative Committee attached to the finance ministry, Jaitley said bringing back growth momentum into the economy could lead to higher revenue collections, better employment opportunities and increase in capacity to finance social sector programmes, the finance ministry said in a statement.
The minister listed the government's priorities that included sustained higher GDP growth, increase savings, fiscal consolidation, moderate current account deficit, revive investment cycle, encourage manufacturing growth, augment supply response to contain inflation especially food inflation, boost infrastructure sector and exports, rationalise subsidies and reform direct and indirect taxes.
He said Indian economy is expected to expand 5.5% to 5.9% in the current fiscal. India's GDP increased a nine-quarter high 5.7% in April-June, though industrial growth has been sluggish in the subsequent quarter.
The finance minister blamed sluggish manufacturing and decline in the investments for the slowdown in growth in the last couple of years. The consultation committee deliberated on 'Sustaining Growth Momentum - The Road Ahead'. Its members "stressed on expediting decision making process and more thrust on agriculture sector and more remunerative prices to farmers for their produce", the ministry statement said.
Source : economictimes.indiatimes.com
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