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Deceleration in Growth Rate Has Bottomed Out: Jaitley

Finance Minister Arun Jaitley said on Thursday that the decline in growth rate has bottomed out and the economy will recover further because of falling inflation and favourable external environment.
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File photo of Finance Minister Arun Jaitley
File photo of Finance Minister Arun Jaitley

New Delhi: Finance Minister Arun Jaitley said on Thursday that the decline in growth rate has bottomed out and the economy will recover further because of falling inflation and favourable external environment.

"...emerging trends indicate the growth deceleration in India has bottomed-out," he said at a pre-Budget meeting with representatives of the social sector.

The Finance Minister will present the Union Budget for 2015-16 next month.



The significant downward trend in inflation has also been recorded in the second and third quarters of 2014-15 and the external environment has also largely turned in India's favour, an official release said.

Against this backdrop, Mr Jaitley said, "Domestic policies to achieve macro-economic balance and the on-going process of economic reforms would lend further strength to the recovery of the economy."

India's GDP growth, which had fallen under 5 per cent, is expected to be between 5.4 per cent and 5.9 per cent this fiscal year.

Falling crude oil prices in the international market have come as a breather for the government which is faced with a daunting task of restricting fiscal deficit to 4.1 per cent of GDP in the current fiscal year.

Mr Jaitley also said that apart from ongoing schemes and programmes for the marginalised and vulnerable sections of the society, the government has initiated various special social sector programmes.

The government has given thrust to skills development as well as 'Make in India' programmes to improve employability and create more job avenues, especially for the youth, he added.



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