Government will take necessary steps to revive economy, boost growth: Arun Jaitley
The GDP slowed to 5.7% in the first quarter of 2017 from 7.9% in the corresponding period in 2016.
Union Finance Minister Arun Jaitley on Wednesday said the government was considering ways to revive the economy, which reached a three-year low of 5.7% in the quarter that eneded in June, PTI reported.
Jaitley said the government will unveil the necessary steps once Prime Minister Narendra Modi signs off on them, but refused to divulge details. “We have taken note of all economic indicators available,” Jaitley said after holding meetings with his Cabinet colleagues and other government officials over the last two days.
India was touted as a rare bright spot in a gloomy global economy in 2015, with GDP growth outpacing China. But since early 2016, the GDP has fallen for six consecutive quarters, and India lost the fastest-growing economy tag to China for the second straight quarter. The last quarter’s dismal figures prompted many private economists to revise estimates for the financial year ending in March 2018.
Jaitley sought to allay fears, saying the government has been reacting proactively. “We have been taking appropriate actions... we have been consistently moving on the reform agenda.”