Union Finance Minister Arun Jaitley on Friday said India has managed to grow reasonably well and it has grown in an ‘unsupported environment’, when the rest of the world has slowed down.
“When you grow with the rest of the world with the global trends that is inevitable, but when in an unsupported environment you grow, that displays you real potential and strength and that is what India has been trying to do,” Jaitley said while addressing ‘ Invest in India’ Business Forum here.
“The last two years have seen India, well past seven percent growth rate, our macro economy indicator seems to be fairly stable, but having said that we always believe that having compared to the rest of the world, we seem to be doing better as we are regarded as the fastest amongst the major economies,” he added.
Jaitley further said India has undergone very significant changes in past few years.
“At the same time realising our own potential, I always believe that we have a potential and friendlier environment to do better,” he added.
Jaitley in his address also noted that the world has been economically integrated, adding that events on one part of the world impact on the other.
“In the last few years, the world faces one of the more challenging economic situations. And these challenges compounded because of uncertainties. On one hand you have a slowdown, where the IMF is gradually downgrading the estimates of the global growth,” he added.
Jaitley also pointed out that in the past the economic challenges had small longevity.
“But today we have a situation where the volatility is the new norm and therefore stronger economies as they grow live in a volatile world have to learn to build firewall around their own system, they can’t live in isolation, so that the impact of global volatilities on them perhaps could be minimized,” he added.
The Finance Minister further said the services sectors in India have a consistently good growth rate of between nine to ten percent.
“It is now our manufacturing sector, which now needs to grow, because that is where the jobs really lie,” he added.