Finance Minister Arun Jaitley on Saturday continued to be positive about India’s growth and said that the Indian economy was expected to grow at 7.2 per cent in 2017 and 7.7 per cent in 2018. “Indian economy is expected to grow at 7.2 per cent in 2017 and at the rate of 7.7 per cent in 2018,” he said while speaking at the second annual meeting of New Development Bank (NDB) in New Delhi. Noting the shifts in current global market, Jaitley also added that geopolitical tension and protectionism will prove to be challenging for the emerging markets economies.
The finance minister also said that in order to develop infrastructure in India, the country needed $646 billion over next few years. “India has huge unmet infrastructure funding needs.. $646 billion is required in next 5 years (for financing infrastructure),” he said. Adding that growth in emerging and developing countries is picking up, Jaitley also said news from economies of BRICS countries is “encouraging”.
“I hope that NDB will emerge as a development bank and help in funding of emerging economies,” Jaitley was quoted as saying by PTI. So far India has sought $2 billion loans for various projects from the NDB, which is set up by the emerging nations India, China, Brazil, Russia and South Africa.