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Need to keep reform momentum going, says Arun Jaitley at IMF event

Jaitley was speaking at the inaugural address of the three-day ‘Advancing Asia- Investing for Future’ conference organised by the finance ministry and the International Monetary Fund.

By: ENS Economic Bureau | New Delhi |
March 12, 2016 1:43:19 am
arun jaitley, OROP, seventh pay commission, finance ministry, budget 2016, fiscal consolidation, finance news, economy news Union Finance Minister Arun Jaitley.

Finance Ministry Arun Jaitley on Friday said the government was hopeful of the economy growing at slightly faster pace in the next financial year. He said the challenge for the government was to continue the reform momentum.

Jaitley was speaking at the inaugural address of the three-day ‘Advancing Asia- Investing for Future’ conference organised by the finance ministry and the International Monetary Fund.

IMF’s managing director Christine Lagarde also referred to India’s fast pace of growth and observed that India was fastest growing large economy and a “bright spot in the turbulent times for the global economy.

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Referring to Lagarde’s comments Jaitley said: “… and hopefully, in the year 2016-17, we should continue to grow at slightly more improved pace of growth”.

“And I think the challenge before us is how to keep the reform momentum on one hand, take the best advantage of areas where we are doing reasonably well and then putting a large part of our national resource in areas where we are lacking,” Jaitley said.

Jaitley said India faces challenges of keeping the “reform momentum on”, creation of infrastructure, energising private sector investment, challenges in the banking sector.

Agriculture, infrastructure creation, emerging private sector, improving health of banks are the challenges the government faces, he said. “In that realistic analysis, we are attempting to address each one of these challenges.”

“The silver lining appears to be that the popular mood in India is increasingly becoming more growth oriented. Political parties across the spectrum, in the regions in their own way, are acquiring that kind of attitude, and therefore, except for some steps which occasionally do face political obstacles,” he said. Jaitley said since start of reform in 1991, the country has not abandoned a single legislative step because it couldn’t be passed. “It takes time but eventually we are able to get through.” With PTI

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